New Delhi: India has been guided by the principle that a lower level of taxation is the key to building a globally competitive economy in the past two and a half decades since liberalisation, said Finance Minister Arun Jaitley. About a week period left for framing the budget, he said "We have seen post-1991 the entire course of economy altering itself," he said. "What you need is a broader base of economy, for which you need a lower level of taxation."
The budget is likely to be announced on February 1st, almost a month earlier than the usual, to make sure that the spending can kick off from the April 1 start of the financial year itself. It is reported that the government is expected to announce a dramatic change in the direct tax regime, which in turn will slash the personal and corporate taxes.