Talking tough on the income of jewellers and wealthy farmers in the country, Confederation of Indian Industry (CII) President Naushad Forbes said that they should be taxed for their profit in future. “Moreover, I argue that even the agriculture income should be taxed, especially those of wealthy farmers who earn huge profits in farm sector,” Naushad told The Pioneer in an exclusive interview on Saturday. “If you leave some items out of the tax net, all the remaining taxes have to be that much higher. I do not see on what basis jewellers should not be taxed. It is not an essential commodity.
On black money, he said industry does not support illegitimate business practices.
He, however, came in the defence of bank defaulters and said they were not criminals. Businesses go bust and we should develop tolerance to risk. But, if any criminal siphoning off funds have taken place, it is a different matter and we don’t support it.
On agriculture income, he said, “I think even 99 per cent of farmers do not deserve to be taxed, but remaining 1 per cent who are really wealthy, their agriculture income should come under tax net.”
On the other hand, jewellers, bullion traders and artisans are showing no signs of backing down in their protest against imposition of 1 per cent excise duty on non-silver jewellery as their strike entered the 40th day on Sunday with many keeping their shops closed.
Forbes was confident that this year monsoon would be normal which would help India grow at 8% projections surpassing the Government’s 7.5%. China, he said, is good and bad for India. If China grows at 5%, it will help the global economy but we should gear ourselves for the competition it brings with it.