Rich will gain from corporate tax cut: Sibal

New Delhi: Reacting to the government decision to cut corporate tax, senior Congress leader Kapil Sibal on Saturday attacked the government alleging that the rich will benefit while the poor left to fend for themselves. The government on Friday slashed corporate tax rates for companies by almost 10 percentage points to 25.17% and offered a lower rate to 17.01% for new manufacturing firms to boost economic growth rate from a six-year low by

incentivising investments to help create jobs.

"Howdy Modi. Corporate Diwali. India foregoes Rs 1.45 lakh crore revenue. Need Diwali for needy folk!" Sibal said in a tweet. "Extra money in corporate hands will not boost demand. Need extra money in hands of rural India to spur

consumption. The rich will benefit. The poor left to fend for themselves," he said.

The Congress on Friday had termed the corporate tax cut a "panic reaction" by the government and linked it to the 'Howdy Modi' event in Houston, with Rahul Gandhi saying he is amazed at what Narendra Modi can do for a "stock market bump" before the diaspora programme.