NEW DELHI: Defending his Budget proposals in Parliament on Thursday, Finance Minister Arun Jaitley said the reintroduction of LTCG tax didn't cause the recent pain in the equity markets.
"Equity markets across the globe have witnessed heavy selloff, whether it is Japan's Nikkei or US' Dow Jones," Jaitley said on the floor of Lok Sabha.
The FM added that the exempted income from long-term capital gain last year stood at Rs 3.67 lakh crore.
While coming down heavily on the Congress party, Jaitley said there were no structural reforms undertaken by the then UPA-led government between 2003 and 2013.
"We are a little over 4 per cent inflation against 11 per cent during the Congress rule," he said.
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