Tax Debate: Will India’s Wealthiest Face New Levies?

Congress leader Jairam Ramesh questions if ultra-high net worth individuals in India will face taxes based on the G20 Rio declaration. Finance Minister Nirmala Sitharaman is to present the next Union budget soon, raising questions on tax reforms amid growing wealth inequality accusations against the BJP.

In a move stirring political discourse, Congress leader Jairam Ramesh has raised questions about India's approach to taxing its wealthiest citizens. He brings into focus the recent G20 Rio de Janeiro Leaders' Declaration, which urges cooperative engagement to ensure effective taxation of ultra-high net worth individuals.

Ramesh highlights the urgency of the matter, noting that Finance Minister Nirmala Sitharaman will present the upcoming Union budget for 2025-26 in less than 75 days. He inquires whether this international consensus will find a place in India's fiscal policy.

The debate comes amid claims from the Congress that the BJP government prioritizes the interests of crony capitalists, further enriching them, an accusation the BJP refutes while asserting its commitment to uplifting the economically disadvantaged citizens.

(With inputs from agencies.)