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Sensex placed 800-point ‘no confidence motion’ against Modi’s Budget: Rahul

On Thursday, after the Budget, Rahul Gandhi had alleged that in four years the NDA government had not provided any jobs and made several promises, including those to farmers and youth.

india Updated: Feb 02, 2018 23:52 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
Rahul Gandhi,Budget 2018,Market Crash
Congress president Rahul Gandhi reacts to the Union Budget 2018-19 after it was presented in the Lok Sabha by Union minister Arun Jaitley, at Parliament in New Delhi on Thursday. (PTI Photo)

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 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% on equities. Investors will also have to pay 10% tax on distributed income from equity-oriented mutual funds.

First Published: Feb 02, 2018 21:52 IST