Slamming the BJP-led government’s first Union budget as a “recipe for further enriching the rich and impoverishing the poor”, CPM has termed the budget as “grossly regressive” and “anti-people”.
“The debut budget of the BJP government expresses deep commitment to continue the trajectory of reforms of benefitting foreign and domestic capital by emphasizing on larger FDI flows and enlarged avenues for PPP projects. Fiscal consolidation is sought to be effected through contraction of public expenditures and not by increasing revenues through taxing the rich,” the CPM said in a statement.
“The budget proposes to reduce direct tax incurring a revenue loss of Rs 22,200 crore while increasing indirect taxes by Rs 7,525 crore which would obviously have regressive impact on the common people,” the party has said.
The CPM has also attacked the budget for failing to come up with a “concrete proposal” to check food inflation.
“Therefore the budget fails to chart a trajectory to increase growth and investment, create employment and check inflation that was needed in the current scenario.The budget is grossly regressive and anti-people and would increase the burden on the common people,” the party said.