Dynamite News Policies of Modi Govt failed to revive economy, asserts Cong
The Congress on Thursday said that the Centre's policies have "failed" to revive the economy. Follow the story on Dynamite News for details:
New Delhi: The Congress on Thursday said that the Centre's policies have "failed" to revive the economy, reports Dynamite News correspondent.
The Congress asserted that 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.
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Tax cuts needed
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.
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Slow demand
The 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.