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| Budget lacks stimulus for growth : MANOHAR | | | Early times Report
Kathua , Feb 2: Former Minister and Senior congress leader Dr Manohar lal Sharma today gave the thumbs down to the Union Budget, saying Finance Minister failed to give a clear road map on how to pull the economy out of the slump and no clear road map given for job creation and handling rising unemployment in the country and said Budget has completely failed to address the current economic slowdown and steps to curb the price rise of essential commodities in the country.
He said the economy was bordering on recession and finance minister has failed to answer the crucial question of how to boost public consumption. Instead of mentioning tax revenue, she listed out receipts that include Rs 1.76 lakh crore payout by RBI and the funds received by privatization of public sector units and termed the Budget as a budget for privatization and everything is to be done using the PPP route, including railways, health and infrastructure”. The government was meeting the revenue shortfall by privatization like selling a stake in Life Insurance Corporation of India, “The government is selling the railways, BSNL, Air India and now LIC.
Further he said the government should have focused on reviving small and medium enterprises since they generate employment and help increasing exports. Also he said that Finance Minister didn’t elucidate her plan to double farmers’ income.“There is no content in the Budget. They claim that they will be doubling up the farmers’ income in two years but there was not a single word on the minimum support price. So how will they do it? This is just another ‘jumla”. On Introduction of new new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum, Manohar said if a taxpayer opts for foregoing exemptions and deductions and said there was no clarity about the option the government has offered. "Like who will not like to get tax benefit? Suppose if a person is investing in LIC or MediClaim, why will a person not opt for tax benefit? People basically do these investments for tax benefit apart from getting an insurance (cover). So, there is no clarity on this. On announcement of budget allocation of Rs 30757 crore for UT of J&K Manohar said previously also many allocations were done to J&K but they remained only on papers.
He said need of the hour is to restore democracy and remove all the restrictions imposed by the government on the people of the state. He said government should immediately lift all the prevailing bans in J&k such as internet. Also he showed surprise in increase in fund allocation for PM security and lambasted that Rs. 600 crores spent on security of single person who claims to be fakir or chowkidaar himself.
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