Congress targets Nirmala Sitharaman, says India needs new finance minister

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Published: August 23, 2019 7:53:30 PM

Sitharaman today announced a slew of measures to revive the consumptions. She rolled back the enhanced surcharge levied on foreign portfolio investors in the recent budget. The government had increased the effective tax rate by 3 per cent on individuals with an annual income of above Rs 2 crore and by 5 per cent for Rs 5 crore.

nirmala sitharaman, economic crisis, indian economy, india gdp, us economy, china gdp, us gdp, indian economy, congress, india growth rateSitharaman today announced a slew of measures to revive the consumption to push the growth. (PTI)

The Congress on Friday launched a scathing attack on finance minister Nirmala Sitharaman after she compared the growth rate of India with China and the United States. It said that India needs a new finance minister who understands the basics of the economy. Sitharaman while addressing a press conference today had compared the growth rate of India with that of US and China to suggest that the Indian economy was still growing much faster than some other countries.

Reacting to this, the Congress said there cannot be growth comparison without taking the size of the economy into consideration. “India is in dire need of an FM with a basic understanding of economics. Our growth rate may be higher than the US and China, but they are a $21 trillion and $14.8 trillion economies respectively, we are $2.8 trillion. You cannot make a growth rate comparison without looking at base levels,” the Congress said in a tweet.

Congress said that the finance minister conveniently ignored the simultaneous destruction by Demonetisation and GST when she suggested that the Indian economy was down because of the global situation. “She (Sitharaman) may have also forgotten that in 2008 during the global recession, our economy remained stable because of Dr Manmohan Singh’s policies,” it said.

Sitharaman today announced a slew of measures to revive the consumptions. She rolled back the enhanced surcharge levied on foreign portfolio investors in the recent budget. The government had increased the effective tax rate by 3 per cent on individuals with an annual income of above Rs 2 crore and by 5 per cent for Rs 5 crore.

The grand old party said the finance minister has backtracked on several provisions presented in her maiden budget. “The only thing that remained the same: no mention of job creation then, no mention today either,” it said.

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