Terming the first Budget of NDA Government as “anti-people and corporate oriented”, the left parties on Friday said Modi Government simply relies on PPP models and hopes on FDI inflows. CPI(M) and CPI said the Budget was not very different from the Budgets of the earlier Congress Government in terms of allocation and policies.
“The debut Budget of the BJP Government expresses deep commitment to continue the trajectory of reforms of benefiting foreign and domestic capital by emphasising 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. Thus it is a recipe for further enriching the rich and impoverishing the poor,” said CPI(M) Politburo in a statement.
CPI(M) said the Budget also failed to propose measures to increase employment growth through revamping manufacturing growth. “Investments are low and there is no attempt to raise domestic demand rather the Budget essentially relies on incentives to private investment that grossly failed to raise investment in the earlier years. The Government announces to raise the cap of foreign investment in insurance, Defence and real estate that the earlier Government could not implement because of stiff Opposition,” said the party’s Politburo.