Not more than 5,000 super-rich in India, tax hiked to help poor: Sitharaman

FM defends her decision not carrying a leather suitcase to Parliament to present the Budget

The decision to raise the tax on the super-rich was taken with an aim to get them to participate in the government's initiatives in supporting the country's poor, Union Finance Minister Nirmala Sitharaman said at a conference in Chennai today. Adding that there are no more than 5,000 people are in the super-rich category, she asserted that the tax enhancement was not robbery, but an effort to help everybody grow.

In the Union Budget proposals presented on July 5, the finance minister has proposed enhancing the surcharge on individuals having taxable income between Rs 2 crore and Rs 5 crore so