NEW DELHI: The pre-budget economic survey for 1989-90 presents a gloomy picture with a rapid fall in growth and prescribes a multi-pronged approach, including “zero base expenditure budgeting” to restore a health of the economy.
The survey suggests substantial broadening of tax base, besides tight budgeting, to tide over the strain on public finances and the difficult balance of payments position.
Placed in Parliament Friday by federal finance minister Madhu Dandavate, the survey calls for a serious scrutiny of the expanding bill for government sub-sides and suggests rationalization and simplification of indirect taxes to ensure they promote equity and economic efficiency.
In line with the National Front government commitment to employment generation and poverty alleviation. The survey said the critical tasks at this Stage were to design an employment oriented development strategy that combines growth with equity, a trade policy that aims at rapid export growth and a fiscal policy that increases savings and contains inflationary pressures.
If you worry about what might be,
and wonder what might have been,
you will ignore what is.
Whatever you are
trying to avoid won’t
‘0 away until you
confront it.
Article extracted from this publication >> March 23, 1990
