"Reduce taxes for individuals, not corporations': Former IMF Executive

Surjit Bhalla criticised India’s overall tax burden, pointing to the country’s tax-to-GDP ratio of 19%, which far exceeds the 14.5% average in East Asia.

Ahead of the Union Budget 2025, Bhalla has urged the government to focus on lowering personal income tax rather than offering corporate tax relief. In an interview with NDTV, he stated, “First, revise our FDI policy. Second, cut personal income tax rates. Taxes are too high. A major international bank suggested India should reduce corporate taxes—who benefits from that? Not you, not me, but corporations. They are the last ones who need a tax cut. The people need it more.”