Rs 1.4 Lakh Crore 'Howdy Modi' Can't Hide Economic Mess: Rahul's Dig After Corporate Tax Cut

New Delhi, News Nation Bureau | Updated : 20 September 2019, 06:54 PM
Former Congress chief Rahul Gandhi (File Photo)
Former Congress chief Rahul Gandhi (File Photo)

Amid economic slowdown and Centre's decision to slash corporate tax rates in India, former Congress president Rahul Gandhi on Friday took a dig at Prime Minister Narendra Modi's Rs 1.4 lakh crore 'Howdy Modi' event in Houston, which according to him is the world's most expensive event ever.

"Amazing what PM is ready to do for a stock market bump during his #HowdyIndianEconomy jamboree," the Congress leader wrote on Twitter adding that no event can hide the reality of the economic "mess" 'HowdyModi' has driven India into.

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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.

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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.

First Published: Friday, September 20, 2019 05:46 PM
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