The following booklet titled “Union Budget 1997-98: Foundation For An Indian Economic Miracle” authored by H.P. Ranina commences by condoning the efforts of the Finance Minister Mr. P. Chidambaram for making India an attractive investment destination, leading the author to hail him as ‘one of the architects of modern India’. The most laudable efforts include the opening up of the insurance sector, effectively opening the pathway for enhanced competition, along with boosting incentives for foreign investment in oil exploration. The ‘bonanza’ for individuals in the form of reduction of tax rates makes India a tax haven of the world. Further proposals for voluntary disclosure of incomes have also been welcomed. Reduction in corporate tax rates also make India industrially competitive in the global platform.
These recommendations and reforms are slated to boost the performance of India’s capital markets through incentives of tax free dividends. The author believes that the Indian GDP is expected to rise to 7.5%, which will enable the emergence of India as a front-line nation of the world and etch Mr. P. Chidambaram’s name in the pages of history as the architect of the Indian economic miracle.