Wages of neoliberalism

Print edition : March 22, 2013

Industry leaders watching the Budget presented live on television, in New Delhi on Februay 28. In 2012-13 alone, the aggregate revenue forgone from Central taxes on account of tax concessions to the rich and the corporate sector is projected to be Rs.5,73,627 crore. Photo: Ramesh Sharma

P. Chidambaram comes out of Parliament House with a copy of Economic Survey 2012-13. Photo: Saurabh Das/AP

Montek Singh Ahluwalia, Deputy Chairman, Planning Commission of India. Photo: Kamal Narang

A government school in Kolkata. Public expenditure on education and health is very low by global standards. Photo: Arunangsu Roy Chowdhury

The Economic Survey’s response to the problems of the Indian economy is “structural reforms”, which translate into reducing the fiscal deficit by shrinking “wasteful and distortionary” subsidies.
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