Congress leader Rahul Gandhi finally jumped in, reiterating his party's stand on Friday after the government announced major corporate tax cuts. Taking to Twitter, the Wayanad MP launched a political attack at PM Modi linking the tax cuts with PM Modi's upcoming Texas event - 'Howdy, Modi!'. Rahul Gandhi, sarcastically, said that it is amazing 'what PM is ready to do for a stock market bump during his event.'. He went on to call 'Howdy, Modi' event, the world's most expensive event ever with spending over Rs 1.4 lakh crores.
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.
Earlier, Congress leader Jairam Ramesh had taken to Twitter and questioned the timing of the Finance Minister's announcement on tax cuts with PM Modi's 'Howdy, Modi!' event which is going to take place on September 22 in Houston, Texas. Asking if it's PM's "Trump Card", the Congress leader had said: PM can now say, "I have come to Texas promising lower taxes".
Timing of FM announcement dictated by #HowdyModi event. PM can now say, "I have come to Texas promising lower Taxes".— Jairam Ramesh (@Jairam_Ramesh) September 20, 2019
Is this his 'trump card'?
Not only Congress, but CPI leader Sitaram Yechury had also politicised 'Howdy, Modi' event, trying to link the announcements with the Texas event. Taking to Twitter, Sitaram Yechury had claimed that "massive concessions" have been announced for "foreign speculators". The CPI leader had also claimed that "India is going through its worst phase after independence", hitting out at the government.
"Announcement timed for the proposed spectacle of “Howdy Modi” in the US? Massive concessions to foreign speculators. India is going through its worst phase after independence and all we are getting is a callous govt and circuses," Sitaram Yechury had tweeted.
Battling a six-year low economic growth and a 45-year high unemployment rate, the government on Friday slashed 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, looking to boost demand and investments. Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1. Adding that the move has been taken to promote investment and growth, she added that the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually. Nirmala Sitharaman also said companies opting for a 22 per cent income tax slab would not have to pay Minimum Alternate Tax (MAT).