Economy headache for next government

In what could be seen as a politically sensitive move, the last budget of the UPA-II government has made it essential for the next government to raise taxes sharply to finance capital expenditure to boost growth. Presenting the budget in the Lok Sabha Monday, Finance Minister P Chidambaram projected a massive 18 per cent rise in tax revenues for 2014-15, which is far above the projected growth-plus-inflation projections for the economy.

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