Rahul Gandhi Attacks PM Narendra Modi on Economic Slowdown, Says 'BJP Govt Can Only Destroy What Was Built Over Decades'
With reports of additional surcharge on 'individuals and trusts' are triggering foreign portfolio investors (FPI) exodus and a rise in economic slowdown floating, Congress leader Rahul Gandhi attacked PM Narendra Modi-led BJP government, stating 'BJP government can only destroy what was built over decades with passion and hard work'.
New Delhi, August 3: With reports of additional surcharge on 'individuals and trusts' are triggering foreign portfolio investors (FPI) exodus and a rise in economic slowdown floating, Congress leader Rahul Gandhi on Saturday attacked Prime Minister Narendra Modi-led Bharatiya Janata Party (BJP) government.
Commenting on the current economic slowdown, Gandhi took to Twitter and wrote, "The BJP Government can't build anything. It can only destroy what was built over decades with passion and hard work." Along with the tweet, the Congress leader tagged a GIF with newspaper reports, highlighting the weakness in several key sectors. Modi Govt's Tax Surcharge on Foreign Portfolio Investments Triggers Exit of Investors, Experts Question Corrective Measures
Here's the Tweet:
The tweet on the current situation comes at a time when top finance ministry officials met with the senior bureaucrats in the prime minister’s office (PMO) in order to discuss FPI surcharge. Even Union government's claims are being quashed by market leaders as 500 companies are at 52-week lows and not even 5 companies at their highs.
Expressing concerns on the current scenario of the falling trust in the market, analyst Gautam Chhaochharia of UBS Securities India Pvt. Ltd said, "The sharp slowdown in auto sales, NBFC stress and recent disappointment with the budget has turned the narrative pessimistic amongst investors. There are structural undertones of a lack of quality jobs, implying the consumption resilience seen until early 2018 is likely unsustainable."
Even analysts opine that Union Budget 2019 was market-unfriendly and measures such as a tax on certain FPIs and the rich are worsening the situation. They cite that present ruling dispensation is displaying a lack of respect for the markets and the recent measures are demotivating for investors.
(The above story first appeared on LatestLY on Aug 03, 2019 04:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).