Former AICC president Rahul Gandhi has hit out at the PM Modi and his government for the Howdy Modi event and also for the tax cuts that have been announced.
Bengaluru: Rahul Gandhi, the former president of Indian National Congress, has taken a jibe at the PM Narendra Modi-led Central government over the Howdy Modi event.
Amazing what PM is ready to do for a stock market bump during his #HowdyIndianEconomy jamboree.— Rahul Gandhi (@RahulGandhi) September 20, 2019
At + 1.4 Lakh Crore Rs. the Houston event is the world's most expensive event, ever!
But, no event can hide the reality of the economic mess “HowdyModi” has driven India into.
The tweet came hours after finance minister Nirmala Sitharaman axed the taxes for domestic companies and those who intend to start companies later this year. The tax cuts come down to 22% and 15% respectively.
Much before this, another senior leader Jairam Ramesh also took a jibe at the Prime Minister, saying it was nothing but a stunt just before the Howdy Modi event.
He said, “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. Timing of FM announcement dictated by #HowdyModi event. PM can now say, "I have come to Texas promising lower Taxes".
But, on the contrary, as companies are given tax relaxations, more investments will come. More companies will grow and more and more jobs will be created, landing more in the hands of the common man.
In effect, it also improves GDP.
And as the policies were announced, industry experts paid glowing encomiums to the move, saying it will improve a comatose economy.
Kiran Mazumdar Shaw, managing director, Biocon, on her twitter said, “Corporate Tax Rate Cut From 30% To 25.2% To Spur Growth- this is a great move which will firmly revive growth n investment. My hats off to FM @nsitharaman for this bold but most needed move.”
Ajay Piramal of Piramal Group said, “This is an extraordinarily good announcement, it is the big bang reform we have been asking for it and glad that this was announced. It is a positive sign that the government is aware of what is happening and is aligned towards revival of animal spirits. It will encourage the FIIs and will bring them back to invest more. Our manufacturing companies were paying full tax now we will reinvest what we will save and that will create more jobs. The financial sector will see a good positive change.”
After industry experts reacted, Prime Minister Narendra Modi also tweeted his remarks.
He said, “The step to cut corporate tax is historic. It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians.”
Last Updated 4:55 PM IST