” During the last six years from 2005-06, the Government of India wrote off corporate income tax worth Rs.3,74,937 crore – more than twice the 2G fraud – in successive Union budgets. The figure has grown every single year for which data are available. Corporate income tax written off in 2005-06 was Rs. 34,618 crore. In the current budget, it is Rs. 88,263 crore – an increase of 155 per cent. That is, the nation presently writes off over Rs. 240 crore a day on average in corporate income tax. Oddly, that is also the daily average of illicit fund flows from India to foreign banks, according to a report of the Washington-based think tank, Global Financial Integrity”.

This is the first para of an article in Hindu dated 7th March 2011 under the caption ” Corporate socialism’s 2G orgy” by Shri P.Sainath, veteran journalist. The article deals with the neo-liberal policy of the government under which the big business and corporates are given all kinds of subsidy, while the ordinary people are fleeced. I would recommend viewers of my blog to read the article, which a gives a lot of information on this aspect of the present Union budget.