Congress seeks measures in Budget to undo policies that 'mar ease of doing business'
ease of doing business into «an unease of doing business».
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A complicated goods and services tax, unbated Chinese imports hitting India's manufacturing sector, weak consumption and stagnant wages have contributed to the sluggish investment, accompanied by «a mass exodus» of high-net-worth individuals, the party argued.
In an official statement, Congress communications-in-charge Jairam Ramesh said the Modi government's promise on ensuring ease of doing business notwithstanding, the past decade witnessed only an «easing of private investment» and the «easing out» of businesspersons to foreign shores. «A byzantine, punitive and arbitrary tax regime covering both GST and income tax — which amounts to sheer tax terrorism — is now the greatest threat to India's prosperity and has contributed to an 'unease of doing business',» Ramesh said, pointing out that domestic investment has been weak since 2014 — from 25-30% of GDP during the Manmohan Singh governments to 20-25% of GDP.
Congress also claimed that amid sluggish investments, «an estimated 21,300 dollar millionaires left India between 2022 and 2025.
All these, it said, were due to three reasons. „Firstly, a complicated GST… Secondly, despite claims to the contrary, Chinese imports into India continue unabated with a record
