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Amazed at what PM will do for a market bump before Howdy Modi: Rahul Gandhi

The congress leader said no event can hide the reality of the economic "mess" 'HowdyModi' has driven India into

Press Trust of India  |  New Delhi 

Rahul Gandhi
Rahul Gandhi

leader on Friday said he is amazed at what Prime Minister is ready to do for a stock market bump ahead of his 'HowdyModi' event in Houston, which he termed as the world's most expensive event ever.

He said no event can hide the reality of the economic "mess" 'HowdyModi' has driven India into.

"Amazing what PM is ready to do for a stock market bump during his #HowdyIndianEconomy 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," he said on Twitter.

The leader's attack comes after the government announced slashing of 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, as it looked to boost demand and investments.

Battling a six-year low economic growth and a 45-year high unemployment rate, Finance Minister Nirmala Sitharaman announced the step two-and-half-months after presenting her maiden Budget, that was hailed as "development-friendly" and "future-oriented".

Sitharaman announced fiscal measures that will cost the government Rs 1.45 trillion in revenue annually.

In the fourth phase of post-budget economic stimulus measures, Sitharaman cut base corporate tax for existing companies to 22 per cent from current 30 per cent and for new manufacturing firms, incorporated after October 1, 2019 and starting operations before March 31, 2023, to 15 per cent from current 25 per cent.

First Published: Fri, September 20 2019. 16:00 IST
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