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Thursday, July 02, 2009

Economic Survey calls for sweeping reforms

Recommends phasing out cesses, surcharges and transaction taxes

The Economic Survey for 2008-09 was presented by Finance Minister Pranab Mukherjee in Parliament today, 2 July 2009.

The Finance Minister prescribed doing away with cess, surcharges and transaction taxes such as commodities transaction tax, securities transaction tax and Fringe Benefit Tax. The Survey also recommended reforms in areas like free pricing of fertilizer & fuel, financial sector, and lifting of all restrictions on farm sector trade.

The Economic Survey, which is tabled by the Finance Minister before the presentation of the Budget, provides the government's assessment of the economy, outlines the problems facing the country and suggests measures for dealing with them.

The Union Budget for 2009-10 will be presented by the Finance Minister Pranab Mukherjee in the Parliament on Monday, 6 July 2009.

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