The Congress party has strongly criticised the BJP-led central government over the current condition of the country’s economy and stock market. AICC national spokesperson and former Rajya Sabha MP Shaktisinh Gohil alleged that middle-class people who invested in the stock market after following appeals by the Prime Minister and Home Minister have suffered heavy losses. He demanded that the government apologise to the country for what he described as its economic failures.
According to a press release issued by the Congress, in June 2024, the Prime Minister and Home Minister had appealed to people to invest in the stock market and had claimed record profits. Gohil alleged that citizens who invested after trusting these claims are now facing losses.
The Congress said that the Sensex was at 85,836 in September 2024, but had fallen to 72,500 on 29 September 2026. According to the party, this means that people who invested two years ago suffered a 12.5% loss in their original capital, instead of making a profit. They also had to pay Securities Transaction Tax (STT).
Gohil also raised questions about the difference between claimed economic growth figures and the situation on the ground. He said that on 31 August 2026, the Prime Minister spoke about a 7.8% growth rate, while the Sensex fell by 3,000 points around the same time.
He alleged that the BJP government’s capitalist approach, policy of benefiting favourites and mismanagement were responsible for the present condition of the economy and stock market.
Congress Raises Issue of Double Taxation
Gohil also criticised what he described as double taxation on investors. He said that in 2024, the government led by Prime Minister Dr. Manmohan Singh and UPA Chairperson Smt. Sonia Gandhi had provided relief to the middle class by making Long-Term Capital Gains (LTCG) tax completely zero, while only STT was applicable at that time.
According to the Congress, the present BJP government has imposed a double tax burden on investors. It said investors now have to pay STT, along with 20% tax on Short-Term Capital Gains (STCG) made within one year and 12% tax on long-term investments.
The Congress further stated that the BJP government increased LTCG from 10% to 12.50% and STCG from 15% to 20% in 2020.
Figures Cited on Tax Collection
Citing figures for the current financial year 2026-27, the Congress said the government has so far collected ₹40,214.36 crore through STT and ₹1.29 lakh crore through LTCG.
Gohil also compared the performance of the Sensex during the Congress and BJP periods. He said that during the 10 years of Congress rule, the Sensex increased by 398% despite a global slowdown. He compared this with what he described as a decline in the Sensex graph during the 12 years of BJP rule.
Congress Lists Demands
In view of what it described as the serious situation, the Congress put forward several demands.
The party demanded that the double-tax system on the middle class investing in the stock market be removed immediately. It also demanded that LTCG and STCG taxes be completely abolished.
The Congress further demanded that the government apologise to the country for failing to manage the economy.
The party also demanded that the Prime Minister and Home Minister take responsibility for the losses suffered by investors who trusted their words and invested in the stock market.
Congress further said that the Prime Minister should stop spreading what it described as false information about the economy and tell the country the complete truth.
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