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dated March 13, 1958: Fiscal policy

The Government’s taxation policy was the subject of severe criticism at the annual session of the Federation of Indian Chambers of Commerce and Industry in New Delhi on March 11. After a 90-minute debate, during which several members described the taxation measures like the Wealth Tax, Expenditure Tax and the Gift Tax as “dampening the initiative of the Private Sector,” the meeting passed unanimously a resolution asking the Government to so redesign its taxation policy in such a way as would not dry up the resources of capital for the Private Sector. The common theme of all the speeches was that as a result of heavy taxation, the incentive to produce more was going down.

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