Budget 2020: Time for govt to reintroduce wealth tax, says Abhijit Banerjee

Considering the current stage of inequality in the country, it is time for India to reintroduce wealth tax in the Union Budget 2020 and also focus on redistribution of wealth, Nobel laureate Abhijit V Banerjee said on Monday.

“Given the amount of inequality now, wealth tax is completely sensible and more redistribution is required,” he said at the Tata Steel Kolkata Literary Meet. 

India had passed the Wealth Tax Act, 1957 which was levied on an individual, a Hindu Undivided Family and a Corporate entity on its valuation, which was repealed in April 2016.  

However, Banerjee remained skeptical about the current