The government may think of imposing income tax on rich farmers to bring ‘fairness’ in the taxation structure. Let us tell you that the Central Government gives Rs 6000 annually to poor farmers through PM-Kisan.
The central government has been advised to impose income tax on rich farmers. Ashima Goyal, member of the Monetary Policy Committee (MPC) of the Reserve Bank of India, has said that after taking care of poor farmers by sending money into their accounts, the government can think of imposing income tax on rich farmers to bring ‘fairness’ in the taxation structure. Is. Let us tell you that the government gives Rs 6000 annually to poor farmers through PM-Kisan.
What did the MPC member say
Ashima Goyal said, “Transfer of money from the government to farmers is like a negative income tax. Additionally, a positive income tax could be implemented for rich farmers as part of the move towards a data-rich system with low tax rates and minimum exemptions.” He asked about taxing agricultural income in India. Said this while answering the question.
What did you say about the government
When asked about the better performance of coalition governments or one-party rule in terms of economic growth, the eminent economist said, “Growth rate depends on many things, but in assessing any government it is also necessary to see that What kind of growth rate did she inherit and what did she leave behind for the country?” He said, ”Coalition governments have to work towards building consensus which is a good thing. But they also support policies that deliver short-term benefits for their constituents but harm growth in the long run.”
Along with this, Goyal said that a one-party government can take steps that enable sustainable long-term growth but it should also be open to feedback and constructive criticism from different groups to avoid taking wrong decisions.
He said that India has a good mix of enabling government initiatives along with a vibrant private sector. “If productivity-enhancing innovation is promoted, it (India) can become rich before it grows old,” he said, adding that this would require well-designed government facilitation of individual freedoms and capabilities. What is needed is security with sensible regulation.
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