Nobel Prize for Economics has been announced to Indian-American economist Abhijit Banerjee this year. In a special conversation with Rajdeep Sardesai TV anchor, Abhijit stated that he has recently been disappointed by the cut in corporate tax in India. He stated that it is only fair for taxing the rich and work for the good of poor for the welfare of the state.
Banerjee stated that the system of imposing high taxes on the rich and giving relief to the poor has been running smoothly, there is no contradiction anywhere. The government will have to see that the economy runs well and be generous towards the poor. I don’t think the rich are discouraged by the high tax rate. The government is doing the right thing with high taxes on the rich. We have to levy more tax for the welfare of the state, so that the economy is stable, people do not lose their employment. That is why I am disappointed with the cut in corporate tax.