The partisan media is busy going ga ga over the prospect of tax relief for the middle class, yet prudence demands we wait for the fine print in the forthcoming Income-Tax Bill ” will traditional deductions be impacted, will certain exemptions be restricted to the salaried class, will tax slabs be rejigged ? We know this government is very much capable of taking away with one hand what it gave with the other. Last year’s much tomtommed employment incentive schemes have witnessed a botched implementation and reduced allocations, half of the graduates lack industry skills, & MGNREGA funding is stagnant despite rising demand. With the dubious distinction of having the highest youth unemployment rates globally, and holding the world record for college-educated unemployed, where are the promised 2 crore per year jobs coming from? FDI is winging it's way out of India; domestic investors are chary about investing in an environment characterised by an uneven playing field and tax terrorism. India has attracted an insignificant 9% of venture capital. And without big money coming in, how will it create jobs, accelerate manufacturing and boost exports?
