Between Budget 2026-27 & 2027-28

 Is India ready with a budget proposal to face the headwinds during this period which will set the direction for the Viksit Bharat or an India which missed the great moment in its history? It would require radical reforms in personal income tax proposals to produce highly competitive talent in all walks of business. For years our tax slabs have induced emigration. Now both capital and talent are emigrating. Government does not provide STEMa education but the person spends the money running in to crores. S/he is entitled to rewarding remuneration by getting paid well, as s/he is valuable to the business. Our tax rates are instead a punishment @35%. So, one getting paid 1 crore pays up to 35 lakhs or more as income tax! They resent it, seeing tax evaders laughing at it. The highly talented and roadside venders are equal for tax purposes. For talent retention, upgradation, innovation, discovery and exports, India needs workers whose shortage/non-availability is rued by businesses. We are already losing business and opportunities, which will grow enormously in this critical phase of one year because the new world order has emerged with aplomb. This budget must exempt earnings up to 1 crore from personal income tax as it will be spent on products and services, which means increased job opportunities and excise/GST for revenues.

M L Gupta