New Delhi, May 17: The private sector is on trial and it should justify the confidence reposed in it by the nation, Mr. C. Subramaniam, Union Finance Minister, told the Lok Sabha to-day while winding up the debate on the Finance Bill which gives effect to his taxation proposals for 1976-77.

The House later passed the Bill in a division with 99 members voting for and 14 against.

Mr. Subramaniam, who put up a strong defence of his taxation proposals as well as the concessions he recently announced, however, reminded the private sector that it should live up to the expectations and respond to the concessions given by the Government. Deprecating the private sector’s tendency to “fritter away its energies in a gluttonous mood to seek more and more concessions”, he said “the ball is now squarely in the court of the private sector”. He rejected the demand for further concessions.

Replying to a plea from Mr. N. K.P. Salve (Cong.) that the benefit of the investment allowance should be given to all industries, the Finance Minister said, “I wish the Government were in a position to sacrifice unlimited revenue. That would mean a cut in the Plan as also the investment to that extent.”