Upcoming budget must eliminate tax terrorism: Congress

The Union Budget for the financial year 2025-26 will be presented in Parliament on February 1

The upcoming budget must eliminate “raid raj and tax terrorism”, the Congress party said on Sunday as it also called on the government to take action to protect Indian manufacturing jobs and take decisive action to shore up wages and purchasing power.

Congress General Secretary In-charge Communications Jairam Ramesh said the Modi government has long proclaimed its desire to improve the “ease of doing business” in India but yet in the past decade “we have only seen an easing of private investment which has fallen to record lows and the easing out of businesspersons who have departed India in large numbers for foreign shores”.

“A byzantine, punitive, and arbitrary tax regime covering both GST and income tax—which amounts to sheer tax terrorism—is now the greatest threat to India’s prosperity and has contributed to an ‘unease of doing business’,” he said in a statement.

“In the last ten years, it has collapsed to the 20-25 per cent of GDP range…More than 17.5 lakh Indians have acquired the citizenship of another country over the past decade,” he said.

The Union Budget for the financial year 2025-26 will be presented in Parliament on February 1. This will be the second budget of the BJP-led NDA government since its re-election for a third term in 2024.

Space sector’s demand 

India’s space sector wants the government to spend more on space-based services, slash taxes to spur growth of start-ups and introduce a production-linked incentive scheme for them in the upcoming Union Budget.

The Indian space economy is valued at $8.4 billion and the private sector has just about started making a mark by building satellites and launch systems eyeing a manifold increase over the next decade.

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