Rains lash Tamil Nadu, schools closed in many districts
Chennai (PTI): Widespread rains lashed parts of Tamil Nadu on Thursday, prompting authorities to declare a holiday for schools in Chennai and many other districts.
Overnight rains lashed Chennai and the neighbouring Tiruvallur, Chengelpet and Kancheepuram, besides Villupuram and some areas in the Cauvery delta region.
Following sharp showers, authorities declared a day's holiday for schools in districts, including Chennai, Tiruvallur, Chengelpet, Kancheepuram, Villupuram, Ramanathapuram, Thanjavur, Mayiladuthurai and Cuddalore.
The regional weather office has forecast more spells of rain in Chennai, Tiruvallur, Chengelpet and Kancheepuram, Villupuram, Kallakurichi, Tiruvarur, Thanjavur districts in the state, besides the neighbouring union territory Puducherry.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Modi govt's policies failed to revive economy: Cong
New Delhi (PTI): Asserting that the Centre's policies have "failed" to revive the economy, the Congress on Thursday said the government's strategy of cutting corporate taxes, giving "generous corporate handouts" and raising the tax burden on the salaried middle class has only helped enrich large monopolies without any discernible increase in investment or hiring.
Congress general secretary in-charge communications Jairam Ramesh said what is needed for stimulating demand is tax cuts for the salaried middle classes and income support to the poor.
His remarks came over a media report which claimed that the sharp slump in economic growth rate to 5.4 per cent in July-September this year has sparked concerns among policy makers that low single-digit income growth in the corporate sector despite four times growth in profits over the last four years, is one of the reasons behind the slowing of demand.
In a post on X, Ramesh said, "Private sector profit is at a 15-year-high and has grown four times over the last four years. But salaries are stagnant, having grown annually at rates between 0.8% and 5.4% across sectors."
The CEA has sagely suggested that India Inc needs to look within and that "there has to be better balance between the share of income going to capital as profits and that going to workers as wages", Ramesh said.
If only the Government had not cut corporate taxes steeply in 2019, some of that balancing could have been achieved through policy itself, he said.
"The writing on the wall is clear: the Government's strategy of cutting corporate taxes, giving generous corporate handouts through PLIs, and raising the tax burden on the salaried middle class has only helped enrich large monopolies without any discernible increase in investment or hiring," Ramesh said.
These policies have failed to revive the economy, he claimed.
"What we need to stimulate demand is tax cuts for the salaried middle classes and income support to the poor," Ramesh said.
The Congress has been accusing the government of mishandling the economy and criticising it over rising prices, unemployment and "stagnant incomes".
