According to Sitaram Yechuri:
- “while the taxes forgone through subsidies to corporates was Rs. 4,28,000 crore annually, the allocation for Public Distribution System was Rs. 52,489 crore.”
From P Sainath article:
- ….the budget tells us (Annexure 12, Table 12, p.58). Income foregone in 2007-08 due to direct tax concessions was Rs. 62,199 crore. That foregone on excise duty was Rs. 87,468 crore. And on customs duty Rs. 1,53,593 crore. That adds up to Rs. 3,03,260 crore. Even if we drop export credit from this, it comes to well over Rs. 200,000 crore. For 2008-09, that figure would be over Rs. 300,000 crore. That is a very conservative estimate. It does not include all manner of subsidies and rate cuts and other freebies to the corporate sector. But it’s big enough.
- Simply put, the corporate world has grabbed concessions in just two years that total more than seven times the ‘fiscally imprudent’ farm loan waiver. In fact, it means that on average we have been feeding the corporate world close to Rs. 700 crore every day in those two years….
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