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Posted at: Sep 20, 2019, 4:11 PM; last updated: Sep 20, 2019, 10:28 PM (IST)

Amazed at what PM is ready to do for a stock market bump ahead of 'Howdy Modi': Rahul Gandhi

Amazed at what PM is ready to do for a stock market bump ahead of 'Howdy Modi': Rahul Gandhi
Rahul Gandhi. PTI file photo

New Delhi, September 20

Congress leader Rahul Gandhi said on Friday that he was “amazed” at what Prime Minister Narendra Modi 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 jamboree 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 Congress 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 lakh crore 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. PTI

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