The union Finance Minister, Mr Morajit Desai, has set the pace for Third Plan budgeting by imposing fresh taxation to the tune of just over Rs. 63 crores (including Rs. 230 carers accruing to the States). Thus wiping out the entire revenue deficit of the Centre for the next financial year.
The net result will be to raise the prices of a wide range of consumer goods, including Cigarettes, Textiles, Wines and spirits, Tea, Coffee, Rayon manufacturers, Vegetable products, Paints and varnishes, selected patient medicines, Cosmetics, Glass and chinaware, Silk fabrics, Air-conditioners, Refrigerators and the most expensive wireless sets.