Congress asks Modi to tax billionaires more

NEW DELHI, July 12: Indias main opposition Congress party asked Prime Minister Narendra Modi on Friday to impose an additional tax on the countrys billionaires to generate funds for stretched public services like education and health.

The annual budget will be presented by Finance Minister Nirmala Sitharaman on July 23 at a time of deepening income inequality and high unemployment despite Indias world-beating economic growth of nearly 8% and booming stock markets.

Jairam Ramesh, senior Congress party leader, said in a post on X that a 2% tax on the wealth of Indias estimated 167 billionaires could raise as much as 1.5 trillion rupees ($18 billion) or about 0.5% of gross domestic product.
"This could pay for schools, hospitals, renewable energy, and many more essential investments," he said, urging the government to tax the super-rich more.    —REUTERS