New Delhi: Prime minister Dr Manmohan Singh has indicated withdrawing tax exemptions in a bid to curb their misuse, laying down the government's economic priorities ahead of the budget, that include re-look at tax exemptions, policy for rehabilitation of displaced farmers, focus on power sector and further cut in import tariff.
Speaking at FICCI's annual general body meeting in New Delhi, today, Dr Singh said, "In the long run our tax regime should not have too many exemptions, which makes tax administration an unnecessarily complex exercise, vulnerable to misuse."
He also said Indian businesses should also be prepared to face a more fast track economic integration with other South Asian economies.
Dr Singh also stated that the government would finalise a new rehabilitation policy within three months to deal with displacement of farmers caused by the acquisition of agricultural land for industrial development.
The PM also called on industry to be more sensitive to the need to empower weaker sections of society particularly scheduled castes, scheduled tribes and minorities. He also disclosed that the government had begun work to formulate a vocational education mission the impact of which would be seen in the coming months.