Opposition parties termed the Budget as the “most opaque” and alleged that it was a “payback gift” from the BJP to big corporate houses after the elections. Some parties said that the Budget neglected farmers, workers and common people, and announced protests for neglecting the agriculture sector.
Former Finance Minister and senior Congress leader P Chidambaram said the Budget speech was an “unusually opaque” exercise. “Has there ever been a Budget speech that does not disclose the total revenue, the total expenditure, the fiscal deficit, the revenue deficit, the additional revenue mobilisation or the financial concessions?”he said.
The Rajya Sabha member said, “Has there ever been a Budget speech that does not disclose the allocations to important programmes like MGNREGA, Mid-day Meal Scheme, Healthcare and to vulnerable sections like SC, ST, Minorities, and Women? We are shocked by this departure from the usual practice.”
‘Bereft of reforms’
Talking to reporters at the AICC headquarters on Friday, he said the Finance Minister has given no meaningful relief to any section of the people. “On the contrary, the FM has increased Customs duties on a large number of goods (protectionist), raised taxes on petrol and diesel (exploitative) and proposed extensive amendments to the Income Tax Act that will increase the tax and compliance burdens on the taxpayer.” He said that Part A of the Budget speech was totally bereft of any reform, not to speak of structural reforms. “The CEA had set the goal for India to become a $5-trillion economy and premised his entire argument on boosting private investment. There was no indication in the Budget speech of any measures to attract greater private investment,” he said.
Chidambaram said the Modi government treats India as one big State government and has taken upon itself the responsibility to do things that are the right and duty of State governments. “This is not cooperative federalism, it is an unequal partnership imposed by the Centre upon State governments,” he added.
CPI(M) General Secretary Sitaram Yechury said, “The FM has used February 2019 interim Budget’s revised estimates as the revised estimates for the whole year 2018-19. Expenditure cuts in the last quarter in the run up to polls are not accounted for.” he said.
“The Budget and the speech were full of several promises and commitments that would help big corporate capital and the wealthy to strengthen their grip on the economy and foster greater integration of the economy with international financial markets. Nothing, however, was there for the working people — kisans and workers — who would be left to fend for themselves” he added.