India: Slow Death by Taxes

India's top industrialists are normally a tight-lipped group. Forced to steer their organizations through the red tape regulations of a government-dominated economy, they rarely sound off in public, disguise their occasional criticisms as quiet suggestions. Now, angrily and in public, they are issuing a warning to Prime Minister Lai Bahadur Shastri's socialism-bent government. Cut taxes or see India's industrial growth halt completely.

Taxes have risen to such confiscatory levels, charge the industrialists, that Indian investors are afraid to put money into new ventures or into the expansion of existing ones. Said India's No 1 industrialist, J.R.D. Tata, at a New...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!