Tax cuts: “no economist would call the beneficiaries middle class”; limited impact on growth

3 hours ago 6

Press Release & Video: Tax cuts: "no economist would call the beneficiaries middle class"; limited impact on growth: Rathin Roy to Karan Thapar for The Wire. .......................................... In an interview about the unprecedented income tax cuts announced by the Finance Minister in the recent budget, a former Member of the Prime Minister’s Economic Advisory Council has said of the 3.1 crore (31 million) beneficiaries “no economist would call them middle class”. Dr. Rathin Roy said they are the top 10% of the country and if they are to be deemed middle class it would suggest that the remaining 90% are poor and that would be a very sad and sorry indictment of India. In a 25-minute interview to Karan Thapar for The Wire, Dr. Roy also spoke about the impact of the income tax cuts on GDP growth and said it would be “nothing dramatic”. In fact, Dr. Roy pointed out that the 10.1% nominal growth projection of the budget suggests that, if inflation is even 4.5%, growth next year could be around 5.5%, which is a percent lower than what is expected this year. He said it’s likely that the income tax cuts would help ensure that growth next year (2025-26) remains at the same level as this year. That, he says, rules out a dramatic improvement in growth. In the interview, Dr. Roy raised other important questions about the income tax cuts announced in the budget. Not only did he question how the beneficiaries should be classified and the impact on GDP growth but he also raised questions about the cost of these income tax cuts and their justification. Join The Wire's Youtube Membership and get exclusive content, member-only emojis, live interaction with The Wire's founders, editors and reporters and much more. Memberships to The Wire Crew start at Rs 89/month. https://www.youtube.com/channel/UChWtJey46brNr7qHQpN6KLQ/join

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