Will patchwork on tax policy re-work economy?

Markets are spiraling downwards, fiscal deficit is going up and investors are very scared. The economic state of the country is not so good; growth as anticipated is not taking place. Retrospective amendments were made to enable government to tax those cases for as long back as 1963, but now new announcements have been made to amend the amendments. It has been announced that income tax department will not reopen cases in which tax assessment proceedings had been finalized before April 1, 2012. Old cases will not be re-examined or reopened for the purpose of tax. This is a relief to the investors from overseas.Soon the Central Board of Direct Taxes will send a circular to clarify this. However large transactions which took place for the last six years will be examined and it will be made sure that they do not escape the tax net.  Another form of relief for investor came when it was announced that tax won’t be deducted at every level of distribution, as previously done (from distributer to reseller to retails to customers).No multi level tax deduction for software is a big relief. To control the number of disputes, it was clarified that all cases need not go to court and can be settled then and there. With fiscal measures, the government is not able to fight inflation, and the rupee is being devalued day after day. There are cuts in interest rates, may be that will reduce inflation. But there won’t be further cuts. The fact is that there is no growth in farm or factory outputs. Economists have given up. The confidence of the people is at the lowest, with domestic investments, everyone is buying gold to save themselves. Rising fuel cost is also brining stress to the average Indian who is being strangulated by economic trends.GDP growth rate is 5.3% for the last quarter(Jan-March2012) while it was 9.2% same time last year. That can mean no salary hikes. With cost of living being high, people have controlled their expenditures by not buying consumer items; and this further stagnates the economy. In all sectors, growth is curtailed, construction, transport, trade, insurance, real estate and services.Changing policies to amend "retrospective" ones confuses the people.Bad political moves to amend policies have ruined our economy.Technocratic economists are urgently needed to explain to us what is going on in the sphere of economy and how to mend it.