Budget 2019: Taxes on super rich, buybacks draw flak from India Inc

The Budgetary allocation for most of the flagship programmes such as the rural employment guarantee scheme and rural roads projects that boost rural demand, was largely flat

In her maiden Budget, Union Finance Minister Nirmala Sitharaman attempted to tick all the right boxes but failed to alleviate India Inc’s key concern —lack of aggregate demand and private investment. There is no fiscal stimulus in the Budget, either by way of greater spending or a major cut in corporate or personal income taxes, as expected. 

“Economic stimuli is clearly missing in this Budget. I am also not in favour of higher tax rates. They never work well. Taxing the super-rich, therefore, is not the way to go about it. Further, the move to reduce corporate tax on companies with