Budget Has Nothing For Common man: CPI

Hyderabad: The central secretariat of the Communist Party of India has stated on the whole the Union Budget presented by Union Finance Minister Arun Jaitley on Wednesday reflects the casual approach the Narendra Modi government had been adopting on the crisis-ridden economy of the country.

CPI General Secretary S Sudhakar Reddy told the media that the Union budget, including the Railway budget, presented by Finance Minister Arun Jaitley contains nothing concrete for the common people, but all indications that while lower income sections will be further burdened and its (NDA government’s) real patrons, the corporate houses, will be given all facilities and concessions.

“The Finance Minister expressed concern on increasing Non-Performing Assets (NPAs) that had pushed the nationalized banks to bankruptcy to circumvent which demonetisation strike was conducted, but failed to present any proposal to recover the NPAs. The tax concessions to rich that was brought down to 25 per cent from 30 per cent had been continued. The Budget proposal has the idea to widen the tax net by forcing the middle classes to be in the net. Even if they earn more than Rs 5 lakh annually have to pay 20 per cent as Income Tax. People earning Rs 2.5 lakh to Rs 5 lakh annually will now pay 5 per cent of their income as tax”, Suravaram said

The CPI leader said the Finance Minister failed to give any concession to the farmers, who are committing suicides. The limit of bank loan has been increased, but there was no assurance to waive their loans, the main cause for suicides, he said. On Education and Health Care sectors, the government will go-ahead with its “madness” of further privatization making them out of the reach of the common people”, he bemoaned.

“Though it does not come under the purview of the Union budget, Arun Jaitley has indicated further erosion of workers fundamental rights. Similarly, the Union budget also indicates further weakening of the public sector units. Disinvestment will be carried forward with much more vigour. The government is bent upon dismantling the PSUs. Foreign investors will enter all sectors of economy as FDI norms are going to be further liberalized,” Sudhakar Reddy said.

“Though the Finance Minister has talked about the pain of demonetization, he has no proposal to redress the difficulties faced by the people. There was no assessment of the black money and fake currency unearthed that supposedly was the main target of the demonetization. Even economic survey failed to give any details on demonetization. Chief Economic Adviser of the Union Government has said that it will take years to assess the quantum of black money”, he pointed out. On political funding, only the limit has been reduced from Rs 20,000 to Rs 2,000. “It is sheer non-sense. Let us have electoral reforms and bring political parties under RTI”, he observed.

Syed Azeez Pasha, National Executive Member and Chada Venkat Reddy CPI Telangana State Secretary were present.


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