'Inheritance tax threatens India's decade of progress': Nirmala Sitharaman as she casts her vote

In a scathing critique of the Congress, Sitharaman denounced the party's call for an inheritance tax-like law, warning that it could jeopardise India's decade-long progress.

Team Asianet Newsable

First Published Apr 26, 2024, 10:02 AM IST

Union Finance Minister Nirmala Sitharaman on Friday (April 26) exercised her franchise at a polling booth in Bengaluru's BEs College. After casting her vote, she stressed the voters' desire for continuity in governance under Prime Minister Modi's leadership.

Speaking to reporters, Sitharaman said, "I want more and more people to come out and vote...I think it is clear that people want a stable government, they want good policies, progress and development and that is why they are coming out. They want to see PM Modi continue his term."

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In a scathing critique of the Congress, Sitharaman denounced the party's call for an inheritance tax-like law, warning that it could jeopardise India's decade-long progress.

Recalling past instances of heavy taxation, Sitharaman highlighted, "I remember earlier in 1968 there was a compulsory deposit scheme where people's deposits were all 18 per cent, 20 per cent. Something was taken away. There was no justification given at that time... If such wealth creators are going to be punished purely because they have some money kept behind, India's progress in the last ten years would just go for a zero."

She further explained on the adverse impact of the proposed inheritance tax, particularly on the middle class and aspirational segments of society. "It directly hits the middle class. It directly hits the aspirational class. They work hard, sweat and toil of theirs are saved in small savings here and there, or they buy a house, a dream house, and keep some fixed deposits. All this is going to be exposed to the so-called property tax," she said.

Lok Sabha Elections 2024: Nirmala Sitharaman casts vote in Bengaluru, interacts with voters (SEE PHOTOS)

Accusing the Congress of resorting to personal attacks on PM Modi due to the lack of a positive agenda, Sitharaman said, "Because they have no issue on their own in order to say 'this is what we will do for the people of India, take India forward, bring opportunities for the youth, take India in a global leadership role', they have none of these positive agendas to speak about."

Sitharaman's remarks come in the wake of controversy sparked by Sam Pitroda, Chairman of the Indian Overseas Congress, who hinted at wealth redistribution policies, including the concept of an inheritance tax.

Last Updated Apr 26, 2024, 10:02 AM IST