Congress says Centre in ‘panic mode’ on economy, raises questions over LIC stake in firm under SEBI scanner
Jairam Ramesh, AICC General Secretary. File | Photo Credit: The Hindu The Congress on Thursday (June 4, 2026) alleged that the Narendra Modi-led Union government was in “panic mode” over the state of the economy, referring to reports that it was considering the removal of the 12.5% tax on long-term capital gains to arrest the withdrawal of foreign portfolio investors (FPIs) from the Indian markets. The party also raised questions over Life Insurance Corporation of India’s (LIC) investment in jewellery and gold refining company Rajesh Exports, which is facing regulatory action by the Securities and Exchange Board of India (SEBI). Congress general secretary (communications) Jairam Ramesh cited media reports claiming that the Centre was considering an ordinance to amend the Income Tax Act and remove the 12.5% long-term capital gains tax (LTCG) on investments made by FPIs in government securities. ‘Under seige’ “The Modi government is clearly in panic mode and is under siege from within its ecosystem on the current economic situation,” Mr. Ramesh said in a post on X, noting that the tax …






