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`Govt acting to contain inflation'
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MPs' panel wants focus on farmers
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New Delhi
Feb.2
The Finance Minister, Mr P. Chidambaram, said on Friday that the Government was concerned about inflation and that steps were being taken to contain inflation.
Chairing the meeting of the Parliamentary Consultative Committee attached to the Finance Ministry, Mr Chidambaram said the present inflation was the result of high growth. He expressed confidence over the Government gaining mastery in dealing with it.
Mr Chidambaram sought suggestions from the members of the Committee for the general budget 2007-08.
Focus on rural areas
Most of the members called for more attention to rural areas and highlighted the plight of poor farmers. The members wanted the Government to increase investment in agriculture, lower rates of interest for the agricultural sector, make farm inputs cheaper by reducing taxes in order to reduce the cost of production and spend more on research and development.
They also said that agricultural income should not be taxed.
Other suggestions
Other suggestions include the abolition of central sales tax (CST), a look into revenue implications of SEZs, reduction in customs and excise duties, continuation of subsidies, making the tax structure more efficient, some ceiling for fringe benefit tax and development of special zones for providing facilities to the farm sector.
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