Raise taxes on very rich to stimulate economy: Joseph Stiglitz to govt

Stiglitz emphasized on the importance of targeting and how it can maximize the effect even within budgetary constraints

Contain the Covid-19 pandemic and use your money well, that’s economist and Nobel Laureate Joseph Stiglitz’s advice to the government.

The first priorities are helping the vulnerable and containing the disease, he said. Stiglitz emphasised the importance of targeting and how it can be maximised even with budgetary constraints. However, he also said it might be necessary to raise taxes on the very rich. 

“If you can’t get resources, one way of dealing with it is, raise taxes on the very rich – you have a lot of billionaires in India — and if you spend that money well, it