subsidies

The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement regarding not to cut in subidies

The CPI(M) considers that the Union Budget 2012-2013 is a regressive budget which will result in pushing up prices and imposing greater burdens on the working people. The bias towards the corporates and the rich in this budget is seen from the fact that while the direct taxes being levied from the rich will result in a loss of 4500 crores rupees, that from indirect taxes, that is through the increase in across the board service and excise duties, is expected to yield a gain of 45,940 crores. While the CPI(M) welcomes taxes on luxury items, it strongly opposes the reliance on indirect taxes for revenue mobilization as this will lead to a cascading impact pushing up prices across the board.