Congress Questions Modi's Stance on Proposed 'Billionaire Tax'

The Congress has queried Prime Minister Narendra Modi's stance on the 'billionaire tax' as it becomes a topic of discussion among G20 countries. Jairam Ramesh highlighted the global push for a 2% wealth tax on billionaires, which could contribute significantly to India's GDP and fund essential services.

The Congress has raised questions regarding Prime Minister Narendra Modi's stance on the 'billionaire tax' as it gains attention among G20 countries. During a recent statement, Congress general secretary Jairam Ramesh emphasized the growing global consensus that billionaires should contribute their fair share in taxes. Brazil, which currently holds the annual rotational G20 Presidency, along with France, Spain, South Africa, and Germany, has proposed a 2% wealth tax on billionaires.

Ramesh pointed out that India has 167 dollar billionaires, and a 2% wealth tax could generate 1.5 lakh crores annually—almost 0.5% of the nation's GDP. This revenue could fund crucial investments in schools, hospitals, and renewable energy, aiding the future development of the country.

Moreover, Ramesh shared a media report about an open letter from former presidents and prime ministers to current G20 leaders, urging support for a global billionaire tax. He called for clarity on India's stance as the issue will be discussed at the upcoming G20 meet in Rio de Janeiro.

(With inputs from agencies.)