Will India's Finance Minister Support Billionaire Tax at G20?

Ahead of the swearing-in of the new government, Congress questioned if India's new finance minister will support the global effort for a 'billionaire tax'. They also criticized Prime Minister Narendra Modi's focus during India's G20 presidency, contrasting it with Brazil's policy-driven approach.

In a critical inquiry ahead of the new government's swearing-in, the Congress has questioned whether India's newly appointed finance minister will support the global initiative for a 'billionaire tax'.

Prime Minister-designate Narendra Modi is set to take his oath for a third consecutive term, accompanied by his council members.

Congress leader Jairam Ramesh took aim at the BJP-led government, suggesting it may have accepted 'too many tempos of black money' to adopt such a progressive measure. Ramesh cited the forthcoming G20 summit in Brazil, which will discuss a Global Minimum Tax on billionaires, supported by finance ministers from countries including Brazil, France, Spain, South Africa, and Germany.

Ramesh alleged that billionaires across the globe exploit legal loopholes, offshore wealth, and shell companies to avoid fair taxation. A proposed Global Minimum Tax on billionaires is anticipated to generate '21 lakh crores' globally each year, providing essential funding for healthcare, education, housing, and climate change initiatives.

Further, Ramesh contrasted Brazil's policy-oriented G20 presidency with what he described as Modi's self-promotional focus during India's tenure, calling it an inevitable occurrence rather than an achievement.