When the country is lauding the Indian Finance Minister Nirmala Sitharaman’s move to reduce the corporate tax from 30 per cent to 28 per cent, Congress leader Rahul Gandhi has slammed the Centre saying he was amazed to see what Prime Minister Narendra Modi was capable of doing for a stock market bump at a time when the Indian economy was in tizzy.
Calling the current economic situation HowdyIndianEconomy, Rahul referred to HowdyModi event in Houston claiming it to be the world’s most expensive event ever. He added that nobody could overlook the reality of the economic mess that HowdyModi (PM Modi) has driven India into.
CPI (M) leader Sitaram Yechury has condemned the move calling it crony capitalism. He said the move will not help boost demand and instead, it was a bonanza for friendly cronies.
He said the government strategically handed over the money to corporates instead of commoners who need the money to stimulate demand.
Hinting propaganda, Yechury asserted that the announcement was well-timed ahead of Howdy Modi event in the US which will generate massive concessions for foreign speculators.
Meanwhile, Congress leader Jairam Ramesh welcomed as well condemned the move. He said the move was doubtful on grounds that there was no surety whether the investment will revive and added that it won’t dispel the fear that prevails in India Inc.
A headline-itis afflicted, panic-stricken Modi Sarkar has cut corporate tax rates less than 3 months after a Budget and 4 months before the next one. This is welcome but it is doubtful whether investment will revive. This does nothing to dispel fear that pervades in India Inc.
— Jairam Ramesh (@Jairam_Ramesh) September 20, 2019
Union Finance Minister Nirmala Sitharaman in yet another move to boost the economy proposed to slash corporate tax for domestic consumers and new domestic manufacturing consumers.
The move has come at a time when the country’s growth rate stands at 5 per cent, which a 45-year-low. As far as today’s press conference is concerned, the finance minister focused on four major parameters to revive economy i.e. industrial production, inflation, FDI inflows and investment
However, it was the reduction of corporate tax from 30 per cent to 22 per cent that has garnered limelight with industrialists across the country lauding Sitharaman’s move.