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ITI

A Crisis Unheeded

The Union budget offered another opportunity to carry the process forward, but it fell short on imagination and boldness. A crisis is not to be wasted, as the wisdom goes. We wasted the current economic crisis for lack of ideas. The reduction of direct tax rates to the exclusion of all exemptions and deductions was a long-overdue reform ~ though the six-slab system cannot really be called a simplification.