At a meeting Aayog today Prime Minister Narendra Modi told the top economists that if the government use the taxes better then more people would want to pay taxes. On one hand suggestions are coming up to lower the tax rate and on the other, Mr. Modi remarked that it is not the case that people do not want to pay taxes but that they want the proceeds to be used effectively.
Mr. Arvind Panagariya, vice chairman of NITI Aayog - the government's policy commission, said that many experts suggested lowering the tax rates during the discussion of next year's Union Budget.
On Monday, Finance Minister Arun Jaitley also suggested that lowering of tax rates is important to make India globally competitive.
The presentation of the budget for the next year has been advanced to February 1 and this shall help increasing real economy as suggested by PM Modi.
The Prime Minister also focussed on innovative approaches in skill development and tourism. The economists gave suggestions in various sectors including skill development and job creation, agriculture, taxation, education, housing, tourism, governance reform, banking for development.