Sensex crashing a ‘No Confidence Motion’ against Modi’s Budget : Rahul Gandhi
Congress president Rahul Gandhi on Friday took a dig at Prime Minister Narendra Modi over the Union Budget 2018, which was presented by Finance Minister Arun Jaitley on Thursday, saying the crashing of the stock market is an indicator of a “no confidence motion” against the NDA government.
It is to be noted that the Sensex fell by over 800 points a day after the Finance Minister tabled the Union Budget 2018-19 in the Parliament.
“In Parliamentary language, the Sensex just placed a solid 800 point ‘No Confidence Motion’ against Modi’s budget,” Rahul Gandhi tweeted.
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The Congress chief had on Friday slammed the NDA government for not fulfilling its promise made to the farmers and the common man and providing no jobs to the unemployed youth of the country.
“4 years gone; still promising FARMERS a fair price. 4 years gone; FANCY SCHEMES, with NO matching budgets. 4 years gone; no JOBS for our YOUTH. Thankfully, only 1 more year to go. #Budget2018,” he had tweeted yesterday.
The reaction from Rahul Gandhi came after the benchmark Sensex of Bombay Stock Exchange suffered its worst rout in more than two years today as the Budget proposals on taxing equities torpedoed investor sentiment.
The 30-share sensitive index plummeted 840 points – its biggest single-day slump since August 24, 2015 – while the broader NSE Nifty tanked over 250 points to finish below the 10,800-mark.
Investors saw a wealth erosion of more than Rs 4.5 lakh crore as stocks went into a free-fall.
The Budget 2018-19 presented on Thursday imposed long-term capital gains tax of 10 percent on equities.
Investors will also have to pay 10 percent tax on distributed income from equity-oriented mutual funds.
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