Highlighting the need of improvement in the new tax regime, Former chief economic adviser Arvind Subramanian has said that the inclusion of petrol and diesel in the Goods and Services Tax (GST) ambit is not possible until the revenues under the new tax regime stabilise and added that there will be need to have enough other revenues to cushion for the loss of putting petroleum into the GST.
Subramanian seemed optimistic about the country, as he said that India remains important in the international context, though the country's growth had slowed down in the recent years. He further noted that standards of living of majority of Indians, including at the bottom, had improved much more rapidly during the past 25-30 years.
However, Former chief economic adviser pointed that there is big reduction in the poverty, improvement in life expectancy. But it is true that disproportionately, the benefits of are concentrated at the top, noting that this is a worldwide phenomena not only for India.
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