Rahul Gandhi takes jibe at Narendra Modi, says stock market has given 'no confidence motion' on Budget 2018

Congress President Rahul Gandhi took a dig at Prime Minister Narendra Modi over the budget, saying the stock market has given a 'no confidence motion' against it, after the Sensex fell by over 800 points

PTI February 02, 2018 20:23:10 IST
Rahul Gandhi takes jibe at Narendra Modi, says stock market has given 'no confidence motion' on Budget 2018

New Delhi: Congress President Rahul Gandhi on Friday took a dig at Prime Minister Narendra Modi over the budget, saying the stock market has given a "no confidence motion" against it after the Sensex fell by over 800 points.

"In Parliamentary language, the Sensex just placed a solid 800 point 'No Confidence Motion' against Modi's budget," Gandhi tweeted.

He also used the hashtag "BasEkAurSaal" along with his tweet while noting that only one more year of the Modi government is left.

Gandhi had on Thursday alleged that in four years, the NDA government led by Narendra Modi had not provided any jobs and made several promises including those to farmers and youth. "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 tweeted on Thursday.

Benchmark Sensex of Bombay Stock Exchange suffered its worst rout in more than two years on Friday as the Budget proposals on taxing equities torpedoed investor sentiment.

The 30-share sensitive index plummeted 840 points — its biggest single-day slump since 24 August, 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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