Congress president Rahul Gandhi on Friday took a dig at the Prime Minister Narendra Modi-led government’s last full budget before Lok Sabha elections, saying that the stock market has given a “no confidence motion” against it after the benchmark BSE-Sensex tumbled 840 points to close at 35,066–its biggest single-day fall in two-and-a-half years.
“In Parliamentary language, the Sensex just placed a solid 800 point No Confidence Motion against Modi’s budget,” Rahul Gandhi tweeted with a hashtag #BasEkAurSaal (Just one more year).
Earlier in the day, Benchmark Sensex of Bombay Stock Exchange suffered its worst rout in more than two years as panic-stricken traders and investors dumped shares across the board, a day after the budget proposal to re-introduce long-term capital gains tax on equities amid profit-taking due to lofty valuations.
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.
On Thursday, the Gandhi scion 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 yesterday.
Presenting the Union Budget, Finance Minister Arun Jaitley introduced long-term capital gains of 10 per cent on gains exceeding Rs 1,00,000. The announcement led to a sharp response in the markets as the Sensex at the Bombay Stock Exchange fell by up to 464 points immediately after the announcement.