Yes, India needs to have tax holiday. Whether , India can afford to have tax holiday is question of debate. We have direct taxes and indirect taxes. Our dependent on direct taxes are more. If we have some relief on direct taxes, even 25%, will help increase in demand. The increase in demand will give additional revenue to Government. As far as indirect taxes are concern, these taxes are any case going to be lower, due to lower income. However, tax holiday will give a positive state of mind, to the general public, which is very important to bring normalcy in economy. The Government can meet these losses by printing notes? Or using reserves and surplus available with RBI.