There is no tax worse than inflation, says PC

Jan 06, 2011 - Age Correspondent |

New Delhi

The Union home minister, Mr P. Chidambaram, on Wednesday said there is no tax worse than inflation.
While speaking at a function in the national capital, Mr Chidambaram said, “I believe that price stability is extremely important, especially in a poor country. There is no tax worse than inflation. All that you gain in the strings is lost in the roundabout”.

Inflation eats away the income of the families even if they are earning more, Mr Chidambaram added.
Admitting that it was the duty of the government to maintain price stability, Mr Chidambaram said: “Some administrative prices have to be corrected”.
Mr Chidambaram, however, said, “I am not sure whether we have at our hand all the tools to control inflation. At least in case of food inflation, I have not heard any one arguing convincingly that we have all the tools to control food inflation.”

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