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dated February 4, 1958: Taxation policy

Inaugurating the golden jubilee of the Indian Merchants Chamber in Bombay on February 3, Prime Minister Nehru said that new measures of taxation introduced in last year’s Budget were an approach to the solution of the problem of accumulation of wealth. Mr. Nehru said that the “initiative towards this new objective – new taxation” was entirely his. He had put up “certain propositions” before the Cabinet to tackle the problem of accumulation of wealth. Mr. Nehru added, “Industrialists and the business community, might want less taxation so that they could accumulate capital for reinvestment. This cannot be allowed to go on at the expense of the people and their sufferings,” and in this background he felt the taxation policy of the Government was correct.

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