Pitches for cutting subsidies on oil, fertilizers
Shrugging off the air of despondency over the gloomy state of the economy, the Economic Survey 2012-13 on Wednesday suggested a slew of hard, but good decisions to stick to the path of fiscal consolidation to rescue the economy out of the current morass. While disfavouring higher tax rates on the rich, even in the wake of the “danger” of missing fiscal targets for the current year, the Survey, tabled in Parliament by Finance Minister P. Chidambaram, pitched for cutting subsidies on oil and fertilizers, especially urea, and called for widening the tax base.