On a question on imposition of banking transaction tax as proposed by a panel of chief ministers, Chidamaram said the idea has its “expiry date” and “it’s not a good idea in 2017”.
The government had introduced 0.1 per cent Banking Cash Transaction Tax (BCTT) in 2005 on cash withdrawals of more than Rs 50,000 (individuals) and Rs 1,00,000 for others in a single day from non-savings bank account maintained with any scheduled bank.
The tax was, however withdrawn three years later.
A panel of chief ministers, looking into ways to promote digital transactions, recommended a ban on cash transactions beyond a certain limit and a tax on payments beyond Rs 50,000.
The Congress survey says that it is time the government woke up to the frustration that is building among India’s youth and is manifesting itself partly in various agitations around the country, in view of jobs deficit.
“Instead of addressing this issue, Prime Minister Modi chose to launch a nuclear first strike on the Indian economy through demonetisation. A slowly recovering economy found itself stunned when the Modi government jammed the brakes on India’s growth.
“In terms of the impact of demonetisation, a range of experts have produced an array of estimates about the extent of the slow down: from 1 pc to more than 2 pc, over six months to over five years. Every percentage point drop in Gross Domestic Point (GDP) growth costs the country 1.5 lakhs of crores of rupees,” he said.
The survey also said “Our aim is to shine a light on the areas where the government has faltered in its management of the economy so that it can correct course and put India back on a positive growth trajectory once again.” Gowda said new investment proposals have been dropping in last few years and many startups have been forced to shut down bcz of poor policies.
“Gross fixed Capital formation has bottomed out. It’s negative. There has been a spurt in train derailments, which have increased to 62,” he said, adding that in 2010, 11 lakh new jobs were created which have fallen to an abysmal 1.35 lakh jobs under Modi government.
“The most crucial deficit facing India is a job deficit It has data which the Govt does not want you to know. As a responsible Opposition we decided to bring out a document on the functioning of the Economy,” he said.
(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
Source: dnaindia.com