New Delhi, Nov 20 : Congress leader Jairam Ramesh on Wednesday raised concerns about whether India will implement the G20 consensus on effectively taxing ultra-high-net-worth individuals in the upcoming Union Budget 2025-26.
Referring to Paragraph 20 of the G20 Rio de Janeiro Leaders’ Declaration adopted on Tuesday, Ramesh highlighted the statement: “We will seek to engage cooperatively to ensure ultra-high-net worth individuals are effectively taxed.”
With Finance Minister Nirmala Sitharaman set to present the Union Budget in less than 75 days, Ramesh questioned whether the consensus would be reflected in India’s fiscal policies.
In a post on X, he stated, “According to a recent report, India has 334 dollar billionaires, each with a net worth of over a billion dollars. This group continues to grow.”
The Congress leader’s remarks align with the party’s long-standing critique of the BJP government, accusing it of favoring crony capitalism and neglecting wealth inequality.
The BJP, however, has consistently rejected these allegations, maintaining that the NDA government is focused on uplifting the poor and fostering inclusive growth.
The debate surrounding taxation reforms for the ultra-rich comes as global leaders emphasize equitable wealth distribution and enhanced revenue generation through progressive taxation.
