‘India must impose more taxes on super-rich’: Economist Thomas Piketty as top 1% hold over 40% of nation’s wealth
Live MintNEW DELHI - India should do more to tax its super-rich given its high levels of inequality, French economist and author Thomas Piketty said on Friday. "India should be active in taxing the rich," Piketty said at an event organised by Delhi-based think tank Research and Information System for Developing Countries and the Delhi School of Economics. He said India could raise annual revenue worth 2.73% of its gross domestic product by imposing a 2% wealth tax on people with assets of more than 100 million rupees, and a 33% inheritance tax on property worth at least the same amount. In April, Indian Finance Minister Nirmala Sitharaman said inheritance tax could hit the "middle and aspirational classes", making it difficult for them to pass on savings or small land holdings to their children.