BUDGET OF
DISAPPOINTMENT-CONFEDERATION
Central Government employees have been eagerly awaiting the
first budget of the new Government. In spite of one day strike and
two days strike, the UPA Government was not ready to concede the genuine and
justified demands of the Central Government Employees. Naturally, employees
expected some good news from the maiden budget of NDA Government. But the
budget has cast shadow on their expectations. Not only the Central Government
employees but the common people and the working class are also totally
disappointed.
The
Union budget 2014-15, is an exercise in piloting large scale FDI & PPP
mode in the financial and policy governance of the country. If followed the
same policy of trajectory deregulation, privatization and corporate-orientation
so long followed by its predecessor, the UPA Government, which has been
rejected by the people in election.
While
engineering a drastic cut in expenditure on almost all heads impacting common
people aimed at containing fiscal deficit, the budget remained reluctant in
taking any action in arresting organised pilferage from public exchequer in the
form of deliberate tax default by big corporate houses which reached a huge sum
of Rs. 4.18 lakh crores on account of Corporate tax Income tax by the end of
2012 -13
Added
to this, the decision to constitute the Expenditure Management Commission to
look into basically the subsidies for common people aiming at further deduction
in the same .Budget has already proposed a cut in subsidy on petroleum to the
tune of Rs. 22054 crore which would have a cascading effect on prices of all
goods. Further the budget announced total decontrol of diesel pricing before
the end of the current financial year adding further to the woes of the common
people. The budget reduced the direct tax leading to a revenue loss of Rs.
22200 crore while increasing the indirect tax burden to the tune of Rs. 7525
crore.
The
Budget announced raising of FDI cap in defence and insurance sector from
existing 26% to 49% much to the detriment of the interests of national economy.
The target for revenue from public sector Undertakings (PSU) disinvestment has
been set at a huge amount of Rs. 63000 crore and the Finance Minister has
announced that instead of earning dividend from PSUs. Number of measures have
been incorporated in the Budget to actually weaken the public sector Banks making
them easy prey of privatization policy of the Government.
On a
whole, the first budget of the NDA Government has basically turned out to be
grossly anti-people in character promoting more aggressive loot by the
corporate and big-business houses on the mass of the people and working class.
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