ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Fiscal Priorities for 1976-77

has in addition suffered distortions from large-scale evasion, The reform of the tax structure, if it is to be meaningful, should be designed to overcome these deficiencies It should be designed to facilitate the mopping up of a fair share of incremental incomes and wealth at all points Where they are generated, in industry or agriculture, trade or professions, Secondly, is the way to growth vta promotion of consumption of the upper strata and, for the same reason, the directing of savings and investment into production of goods and servicer to satisfy much consumption demand? Or, should the thrust of policy be to regulate and discipline demand and consumption and to invest in the development of the basic industrial and infrastructural base of the economy, at this stage primarily through the public sector, and mobilisation of savings to that end. These are vital questions which have a bearing on the pace, direction and content of growth. The coming budget should be expected to shed much light on the fashioning of the growth processes in the coming years. It may prove to be a watershed In the economic and financial management of the country.

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