Union Finance Minister Nirmala Sitharaman articulated concerns on Friday regarding the potential ramifications of implementing what she termed the “so-called” property tax in India, suggesting that the nation’s progress over the past decade could be nullified. Sitharaman further contended that the imposition of an inheritance tax would disproportionately affect the middle class and those striving for upward mobility.
Addressing reporters following her participation in the voting process in Bengaluru, the Finance Minister reminisced about a compulsory deposit scheme introduced in 1968, wherein individuals’ deposits were subjected to significant deductions without clear justification.
In her remarks, Sitharaman expressed apprehension over the penalization of wealth creators solely on the basis of accumulated assets, warning that such measures could erase the advancements made by India in the preceding decade, potentially reverting the nation to a bygone era marked by oppressive taxation, reminiscent of the 90% tax imposed during Congress governance. She highlighted the adverse impact such policies have on the middle and aspirational classes, emphasizing their diligent efforts to secure financial stability through prudent savings and property investments, all of which could be imperiled by the proposed property tax.
Moreover, Sitharaman accused the Congress party of resorting to baseless attacks on Prime Minister Narendra Modi, alleging a lack of constructive agendas on their part.