Kolkata, 1 February (IANS). Dr. Amit Mitra, Chief Advisor of West Bengal and Principal Chief Advisor of Finance Department, has termed the general budget presented by Union Finance Minister Nirmala Sitharaman for the general public. He said that no relief has been given to ordinary people in this budget and a deep conspiracy has been indicated by many experts.
Dr. Mitra said that this budget has cut everything for ordinary people. Social services have been cut by 16 percent. The housing area has been cut by 4.38 percent. The welfare of scheduled castes and scheduled tribes has been cut by more than 3 percent. Most importantly, food subsidy has been cut by 1 percent. If the government is cutting these important areas, then what is the plan in the budget for youth, women and farmers?
Expressing concern over the situation of unemployment, Dr. Mitra said that today the unemployment rate has reached 46 percent and 30 percent of them are those who are undergraduate degree holders. Around 37 million people were unemployed between October and December. He questioned why no concrete steps were taken on the issue of unemployment in this budget.
Dr. Mitra also criticized the decision to allow 100 percent foreign direct investment (FDI) in the insurance sector. He said that when foreign investors enter our insurance sector with 100 percent stake, it will increase the threat to LIC and other government insurance companies. In addition, the government rejected our demand to reduce GST on insurance from 18 percent to zero. This decision is against the general public. He questioned whether there is any conspiracy behind this decision, in which government policies are being made to benefit foreign investors, while the general public is suffering.
Dr. Mitra also expressed disappointment about the industry and production sector in the budget. He said that the manufacturing sector contributes to only 15 percent GDP, while Prime Minister Modi promised to reach it up to 25 percent. But no special measures were taken for this area in the budget. The budget has reduced the growth rate in the budget, which is clear that the government’s economic estimates are not positive.
He said that inflation is continuously increasing and the government has not taken any concrete steps to control it. No concrete measures have been taken to control the debt of the central government in the budget. The central government will take a loan of Rs 15 lakh crore to maintain a financial deficit of 4.4 percent, which will increase the country’s debt further.
He further said that there is nothing concrete for the job, women empowerment, farmers in the budget. Despite allowing 100 percent stake for foreign investors, no relief in GST on insurance was given to the general public. This budget is disappointing for the general public. He questioned whether this budget has been prepared under the pressure of an international lobby, in which the good of common Indians has been ignored.
-IANS
PSK/CBT
