On Friday, Congress President Rahul Gandhi took a hit at Prime Minister Narendra Modi in regards to the Union Budget 2018. The budget was presented on Thursday by Finance Minister Arun Jaitley. Rahul Gandhi said took to Twitter, where he said that the crashing f the stock market is a clear indication of a “no confidence motion” against the NDA government.
It should be noted that the Sensex – the stock market index exchange for Mumbai (Bombay) Stock Exchange – crashed by over 800 points only a day after the Finance Minister had announced the Union Budget 2018-19 in the Parliament.
In Rahul Gandhi’s tweet, he said that in Parliamentary language, the Sensex just made a solid “800 point ‘No Confidence Motion’ against Modi’s budget”. The tweet was accompanied by a hashtag “BasEkAurSaal”. He continued to note that that the Narendra Modi government has just one year to go.
Yesterday, the Congress chief bluntly slammed the NDA government for not living up to its promise made to the common people and farmers. The Narendra Modi government had promised to provide jobs to the unemployed youth of the country; something that he claims has not been accomplished. In the tweet, he said that four years down the line, Modi government is still promising farmers a fair price in the market. It is still creating “fancy schemes” that do not have matching budgets. He added that there are also no jobs for the youth. He concluded the tweet with, “Thankfully, only 1 more year to go.”
Congress President Rahul Gandhi’s reaction came shortly after the Sensex of Bombay Stock Exchange suffered its worst setback in over two years. This turn of events is speculated to have occurred after the Budget proposals on taxing equities caused restlessness and destroyed investor sentiment.
The 30-share sensitive index plunged 840 points, recording the largest single-day slump since 24th August of 2015. The broader NSE Nifty slumped over250 points to finish below the 10,800-mark. Investors saw a massive wealth erosion of over Rs 4.5 lakh crore as the stocks went into a free-fall. The new Budget 2018-19 that was presented to the parliament on Thursday inflicted long-term capital gains tax of 10% on equities. In addition, investors will also have to pay a 10% tax on distributed income from equity-oriented mutual funds.
