Tax cuts: Cong says constant roll-backs will worsen economic situation, questions timing

The Congress on Friday said the government's "constant roll-backs" may give an "impression of progress through stock market bumps" but these will lead to worsening of the economic situation and are unlikely to revive investments.

Questioning the timing of the corporate tax cut announcement, the opposition party alleged that it has been dictated by Prime Minister Narendra Modi's 'HowdyModi' event in the United States.

Terming 'HowdyModi' the "world's most expensive event ever", Congress leader Rahul Gandhi said he is "amazed" at what Prime Minister Modi is ready to do for a stock market bump ahead of the event in Houston.

"Amazing what PM is ready to do for a stock market bump during his Howdy Indian Economy jamboree. 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 (sic)," Gandhi said on Twitter.

The Congress party said in its official Twitter handle, "The constant roll-backs and erratic decisions taken by this government may give the impression of progress through stock market bumps but will further decrease investor confidence and lead to worsening of the economic situation in the country."