You are here: Home » Economy & Policy » News
Business Standard

Tax super-rich to raise resources to fight Covid-19: Joseph Stiglitz

He also said the Indian government should not shy away from spending to control the pandemic and help the vulnerable sections

Topics
Joseph Stiglitz | Coronavirus | Atmanirbhar Bharat Mission

Press Trust of India  |  Kolkata 

Joseph Stiglitz, Nobel laureate
Stigliz also said India and the US did not handle the Covid-19 situation well.

American economist and Nobel laureate Joseph E Stigliz on Monday advocated taxing the super rich class in India to raise resources for fighting the Covid-19 pandemic, if the government fails to pool in the required funds.

He also said the Indian government should not shy away from spending to control the pandemic and help the vulnerable sections.

"Funds should be targeted at high-impact areas rather than low-impact ones, and if you can't get resources, raise taxes as you (India) have a lot of billionaires," Stigliz said at a FICCI-organised interactive session.

There have been recent debates on levying Covid on the super rich in India.

On the Centre's call for 'Atmanirbhar Bharat' (Self- reliant India), the noted economist said too much self reliance will lower the standard of living as a lot of products, including vaccines, are imported.

"This gives nativism but is not realistic, as the pandemic and climate change have shown the need for greater collaboration," he said.

Stigliz also said India and the US did not handle the Covid-19 situation well.

Allowing the movement of migrant workers exacerbated the spread of the virus and defeated the purpose of lockdown, he said.

Stigliz criticised the US for widening the divide of racism and income, and "similar divisive politics in India" that will undermine the society and economy.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, October 05 2020. 23:22 IST
RECOMMENDED FOR YOU
.