Nirmala Sitharaman advocates stability, slams Congress' over inheritance tax proposal amidst election

Union Finance Minister Nirmala Sitharaman made a strong statement on April 26 as she cast her vote at a polling booth in Bengaluru's BEs College, expressing the public's desire for Prime Minister Narendra Modi to continue in office. Speaking after voting, Sitharaman emphasized the importance of a stable government and the need for policies that drive progress and development, aligning with PM Modi's leadership.

However, Sitharaman didn't just focus on endorsing Modi's leadership; she also took aim at the Congress party for advocating an inheritance tax-like law. She argued that such a tax could reverse India's progress over the last decade, drawing parallels to historical instances like the compulsory deposit scheme of 1968 and the 90% tax rate imposed during Congress rule. Sitharaman cautioned against policies that punish wealth creators, stating that they could hinder the nation's growth trajectory.

Highlighting the impact on the middle class and aspirational segments of society, Sitharaman pointed out that the proposed inheritance tax would directly affect those who work hard to save and invest. She warned that such a tax would expose their assets to additional taxation, particularly targeting their savings and investments, such as fixed deposits and dream homes.

Further, Sitharaman accused the Congress party of resorting to personal attacks on Prime Minister Modi due to a lack of positive agendas. She criticized the opposition for failing to present constructive plans for the nation's advancement, instead focusing on undermining the Prime Minister through baseless allegations and unimplementable proposals.

The Finance Minister's remarks came amidst a controversy sparked by Sam Pitroda, Chairman of the Indian Overseas Congress, who mentioned the concept of inheritance tax prevalent in America while discussing the need for wealth redistribution policies. However, the Congress party swiftly distanced itself from Pitroda's comments, clarifying that inheritance tax laws do not reflect the party's official stance.

As the Lok Sabha election heats up, Sitharaman's vocal support for stability under PM Modi's leadership and her critique of Congress' economic proposals set the stage for a spirited debate on the nation's future direction and economic policies.