Congress targets Nirmala Sitharaman, says India needs new finance minister

The Congress on Friday launched a scathing attack on finance minister Nirmala Sitharaman after she compared the growth rate of India with China and the United States. It said that India needs a new finance minister who understands the basics of the economy. Sitharaman while addressing a press conference today had compared the growth rate of India with that of US and China to suggest that the Indian economy was still growing much faster than some other countries. Reacting to this, the Congress said there cannot be growth comparison without taking the size of the economy into consideration. India is in dire need of an FM with a basic understanding of economics. Our growth rate may be higher than the US and China, but they are a $21 trillion and $14.8 trillion economies respectively, we are $2.8 trillion. You cannot make a growth rate comparison without looking at base levels, the Congress said in a tweet. India needs a new Finance Minister desperately. The distinguished lady says India But Madam, US is a $21 trillion and China $ 14.8 trillion economy. Do you even know what 8 trillion. She (Sitharaman) may have also forgotten that in 2008 during the global recession, our economy remained stable because of Dr Manmohan Singhs policies, it said. Sitharaman today announced a slew of measures to revive the consumptions. She rolled back the enhanced surcharge levied on foreign portfolio investors in the recent budget. The government had increased the effective tax rate by 3 per cent on individuals with an annual income of above Rs 2 crore and by 5 per cent for Rs 5 crore. The grand old party said the finance minister has backtracked on several provisions presented in her maiden budget. The only thing that remained the same: no mention of job creation then, no mention today either, it said.