Delhi, 14 February (H.S): The Congress party has accused the central government of favoring big corporate conglomerates by giving them tax benefits while neglecting the plight of the poor and common people of the country. Jairam Ramesh, the party’s general secretary, pointed out that the government is generating more revenue from personal income tax than corporate tax for the first time in over three decades.
He alleged that this is a direct result of Prime Minister Narendra Modi giving a Rs 1.84 lakh crore handout to his chosen friends through the corporate tax cut in September 2019, just before his trip to Houston for the “Howdy Modi” event to support US President Donald Trump’s re-election campaign. Ramesh claimed that instead of boosting investments and creating jobs, the tax cut resulted in a 19-year low in corporate investment and only benefitted 0.7% of the largest firms.
He also accused the government of failing to support the poor and middle class, citing slow private consumption growth and high prices. According to Ramesh, this is evidence of the Modi government’s biased policies that benefit a few conglomerates while disregarding the welfare of the majority of citizens.
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