The BJP Vision 2020 document preview promises to exempt income up to Rs 12 lakhs per annum from income tax and this too will bring relief and cheer to millions of the under-privileged and those in the middle classes. While the programme seems to have moderated from an earlier stance of doing away with most taxes altogether in favor of a nominal universal expenditure tax, this proposal too will be hugely beneficial. The Vision document also plans to scrap inter-State sales tax in another brilliant and progressive step that will cut red-tape and help bring down prices.
The BJP Vision document that targets 12 per cent growth in GDP per annum based on an ‘aggressive market economy’ emphasis, particularly at the State level, is downright thrilling as a blueprint. Its federal tilt towards the States is noticeable. It reflects the shift towards greater decentralization that is the current reality and the best way forward.