Modi govt's policies, corporate tax cuts failed to revive economy: Cong

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Modi govt's policies, corporate tax cuts failed to revive economy: Cong - Business Standard

Quick Summary:

Asserting that the Centre's policies have "failed" to revive the economy, the Congress on Thursday said the government's strategy of cutting corporate taxes, giving "generous corporate handouts" and raising the tax burden on the salaried middle class has only helped enrich large monopolies without any discernible increase in investment or hiring.

Congress general secretary in-charge communications Jairam Ramesh said what is needed for stimulating demand is tax cuts for the salaried middle classes and income support to the poor.

His remarks came over a media report which claimed that the sharp slump in economic growth rate to 5.4 per cent in July-September this year has sparked concerns among policy makers that low single-digit income growth in the corporate sector despite four times growth in profits over the last four years, is one of the reasons behind the slowing of demand.