Kolkata, Feb. 1 -- Amit Mitra, special advisor to the Chief Minister on finance termed the Union Budget as a "disaster" for common people and accused the Narendra Modi government of cutting the budgetary allocation in various sectors.
"What has the Budget done for the common people? It has cut everything. Social services cut by 16 per cent. Housing cut by 4.38 per cent. Welfare of SC and ST cut by over 3 per cent. Social services and welfare were cut by over 5 per cent. Even the food subsidy has been cut by one 1 per cent," Mitra said.
He alleged that there is nothing for anyone. "There is nothing for the youth, women and farmers," Mitra said. "Youth unemployment is 46 per cent, out of which 30 per cent are educated youths who are at least graduates. Nothing of significance for the women; only words. Nothing for the farmers, excepting some homilies," Mitra said adding "Unemployment in October and December according to the CMIE was as much as 37 million people.
The Economic Survey has directly said the growth rate has been cut." Mitra further pointed out: "Manufacturing is only 15 per cent of the GDP and the promise was to take it to 25 per cent. What is there in the Budget to take manufacturing to the target? If the manufacturing sector remains at 15 per cent, how will you get higher growth?
"There is nothing in the Budget to control inflation. So when you gain that little bit, only eight crore people pay taxes. Even if some proportion of that section gains a little bit it will be eaten up automatically by inflation. That means your real gain is zero," he said. Mitra also pointed out: "The Budget has cut (Income) tax slab from seven lakh threshold to Rs 12 lakh. So those with an income of Rs 12 lakh will not pay taxes. But remember, inflation is raging."
Published by HT Digital Content Services with permission from Millennium Post.