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Budget 2023
Budget 2023

Budget 2023: High tax rate on super-rich could be rationalised, says Porinju Veliyath

According to Porinju Veliyath, only economic progress will create jobs. For India, it's a decadal opportunity in terms of economic progress, he added.

January 25, 2023 / 01:04 PM IST

The personal income tax slab of 42.7 percent for the super-rich in India is probably at a three or four-decade high and needs to be rationalised, Porinju Veliyath, founder of Equity Intelligence India, said in an interview with Moneycontrol.

He said because of high taxation, some high net worth individuals are opting to take their business and residence overseas. He explained that the super-rich category controls a significant portion of the economy and the budget should contribute positively towards this class of investors.

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Veliyath was quick to add that he doesn’t expect the budget to spring any surprises because policymaking happens outside the budget. Edited excerpts: