There is no such thing as a good tax.

We have pushed taxation of wealth to a point in Great Britain where in many cases the yield would be greater if the rate were less. The idea that prosperity can be wooed by chasing millionaires is one of the most common and most foolish of modern popular delusions.

As our nation has grown in size and stature, however-as our industrial economy expanded-these political rights proved inadequate to assure us equality in the pursuit of happiness.

In the new form, there will now be only 5% and 18% tax slabs. This means that most everyday items will become cheaper. Food items, medicines, soap, brush, paste, health and life insurance, many such goods and services will either be tax-free or only a 5% tax will have to be paid. Out of the goods which were earlier taxed at 12%, 99% of the items have now come under the slab of 5% tax.

While the earnings of a minority are growing exponentially, so too is the gap separating the majority from the prosperity enjoyed by those happy few. This imbalance is the result of ideologies which defend the absolute autonomy of the marketplace and financial speculation. Consequently, they reject the right of states, charged with vigilance for the common good, to exercise any form of control.

The shipping sector is one of the major examples of the loss our nation had to bear. India was a global maritime power for a very long time. We were the biggest shipbuilding centre in the world... We used India-made ships just 50 years ago.