New Delhi: Congress leader Rahul Gandhi on Friday said he is amazed at what Prime Minister Narendra Modi is ready to do for a stock market bump ahead of his ‘HowdyModi’ event in Houston, which he termed as the world’s most expensive event ever.
He said no event can hide the reality of the economic “mess” ‘HowdyModi’ has driven India into.
“Amazing what PM is ready to do for a stock market bump during his #HowdyIndianEconomy jamboree.
“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,” he said on Twitter.
The Congress leader’s attack comes after the government announced slashing of corporate tax rates for companies by almost 10 per cent to 25.17 per cent to bring them at par with Asian rivals such as China and South Korea, as it looked to boost demand and investments.
Battling a six-year low economic growth and a 45-year high unemployment rate, Finance Minister Nirmala Sitharaman announced the step two-and-half-months after presenting her maiden Budget, that was hailed as “development-friendly” and “future-oriented”.
Sitharaman announced fiscal measures that will cost the government Rs 1.45 lakh crore in revenue annually.
In the fourth phase of post-budget economic stimulus measures, Sitharaman cut base corporate tax for existing companies to 22 per cent from current 30 per cent and for new manufacturing firms, incorporated after October 1, 2019 and starting operations before March 31, 2023, to 15 per cent from current 25 per cent.
Also read: Foreign Investors say tax cuts ease concerns about economic slowdown
How everyone became an economist & a whataboutary champion. At least corruption that’s happening is good corruption now. I myself saw the 67% exchange rate on old currency notes, people were standing in lines in a bjp office in vadodara. But that’s normal now, as people have power now to do fraud’s more easily now. Try making any document online by just editing your submitted document, such as light bill, in pdf editor and see for yourself if it gets approved.
But good thing is , government and bjp has enough money for events like this. Suit boot ki sarkar kaun ? , Who is talking on topics without studying about it? That 72000 policy, can be brought after shutting down previous policues on employment started by congress only. And now an economic chapter for everyone , thanks to modiji, …..
Manufacturing growth has not been lowered by high taxes, its because of the lowered demand, that is because of a lack of trust factor due to shocks to market and consumer system in a row and the structural instability of the present system. They are going theoretically or we can say politically, lowered manufacturing growth will not improve with lowered taxes, as it can’t increase any demand. And about the job loss, why would any industry start making products for their inventory if taxes are lowered, they won’t and thus employment can’t be sustained. Its just a showing off step like any other step by this government. Except for one or two good things, this government is poorer in performance and best in shadowing facts and circulating the idea behind it. Its like if i have to clean my pot, i am circulating posters of ‘save environment to everyone in the building, and on the other hand, just flushing my pot the usual way. This is what this governmnet is doing. Every government do the same, but finds a better way, this government is not been forced to go that better way.
And yes, stop trolling the opposition, citizens should be on their side for an efficient working of government. Otherwise you will be the next in line when you go through something and no one is on your side to raise voice.
Modi has taken away for ever, all that RaGa dreamt for, all he can now do is wait and see how much of stolen money he will be made to cough up. Seventy years of loot needs time to unearth, but be sure it will be.
The Rahul Gandhi was talking about giving out Rs. 72000 to people, without knowing from where he will get funding. His own economist PM and ex-FM supported the move, just to say “hail boss”. What Rahul doesnt realize that the job creation happens only if the industries grow and growth is possible only through better internal accruals than depending on loans. Sometime, I pity this Rahul and curse the people who give him script to talk.
Will someone tell this duffer to shut up.
Here’s a compliment to Rahul Gandhi: as far as idiocy is concerned, he is in Jeremy Corbin league. This half-Italian does not leave any opportunity to stay relevant. Hope he stays a spectator as far as Indian political landscape is concerned.
Aap Economist padhte hain, main Print. Lekin aap ka aur mera likhne ka andaaz dekhiye …
Aap sant mahatma hain, hum nahin hain sir!!
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One does not agree with this criticism, any more than the Suit boot ki sarkar jibe. 2. By lowering the effective rate of tax on corporates, the government is putting money into the hands of the most efficient firms, those which are making profits amidst the challenges of a weak economy. This is very different from spending money directly on possibly unviable infrastructure projects. Or writing out large cheques for bank recapitalisation. 3. The economy and the corporate sector need support from the government. That is how job creation will take place, also revival of private consumption. The Congress has some good economists on its bench. It should tender good advice to the government, along with thoughtful criticism.
It would be better if Rahul Gandhi does not give his statements and tweets on the subjects he never studied and has big zero knowledge.