New Delhi, Sep 21: Senior Congress leader Kapil Sibal on Saturday criticised the Modi government for giving Diwali bonanza for corporate sector by granting corporate tax cut, while the poor left to fend for themselves.
“Howdy Modi Corporate Diwali India foregoes 1.45 lakh cr. revenue Need Diwali for needy folk ! Extra money in corporate hands will not boost demand,” Kapil Sibal said.
The government on September 20 slashed corporate tax rates for companies by almost 10% points to 25.17% and offered a lower rate to 17.01% for new manufacturing firms to boost economic growth rate from a six-year low.
Pointing to the fact that there is a need to spur consumption, Kapil Sibal said, “Need extra money in hands of rural India to spur consumption. The rich will benefit The poor left to fend for themselves.”
The Congress on September 20 had termed the corporate tax cut a “panic reaction” by the government and linked it to the “Howdy Modi” event in Houston.
Accusing Modi government of manipulating the sensex, Congress leader Rahul Gandhi said he is amazed at what Narendra Modi can do for a “stock market bump” before the diaspora programme.