The Congress on Wednesday lashed out at the BJP for allegedly riding to power on the plank of ‘UPA’s indecisiveness’ but itself ‘giving no indication’ of decisive steps in its first general Budget. While the TMC asked the Government to spell out its stand on FDI in retail, the BJD sought immediate measures to cut down food inflation.
Congress MP Shashi Tharoor said the Budget hardly gives any impression of decisive steps though the BJP came to power on the plank of alleged indecision of the UPA Government. For example, he said there was no decision on Direct Tax Code. There is no specific step to curtail inflation, he said.
The BJP, however, debunked the Congress claims that it had left a good economy. “Among the major economies, Indian economy is doing most poorly. It has had the worst economic performance in 25 years. Below five per cent growth for successive two years is scandalous and shameful,” said BJP member Jayant Sinha while participating in the discussion on the General Budget 2014-15 in lok Sabha.
Sinha, son of former Finance Minister Yashwant Sinha, said the economy did badly due to crisis of confidence of both domestic and foreign investors on account of policies of UPA. The rate of savings came down from 33 per cent to 30 per cent and people started hedging the risks by buying more gold.
Stressing that the new Government’s ideology is different, Sinha accused the previous UPA regimes of following “mindless populism” which led to higher inflation. Harvard-educated Sinha said the budgetary measures would help in boosting the country’s investment cycle. BJD MP Bharthari Mahtab appreciated the spirit of ‘cooperative federalism’ shown by the Modi-Government and welcomed Finance Minister ‘doubling’ the Central assistance to States.
On 49 per cent FDI in Defence, Mahtab asked whether Government was getting ‘technical know-how’ too from the foreign countries. Trinamul Congress member Sudip Bandhopadhyay said West Bengal has been a victim of ‘regional imbalance’ under 34 years of left-front rule, leaving a debt of Rs 2 lakh crore. He sought from the Finance Minister ‘a waiver of outstanding’. While referring to Government’s decision to allow FDI in Defence sector, he asked whether it would allow FDI in retail.
Welcoming the Budget, AIADMK leader M Thambidurai made a strong pitch for increased budgetary allocation to revive the agriculture sector. Referring to the project for Ganga river, Thambidurai wondered why nothing is being done for many other rivers in the country that remain polluted. On the proposal to allow 49 per cent foreign direct investment in defence sector, Thambidurai said products made with that investment should not be allowed to be sold in the retail market. It looks like FDI is being brought into retail sector indirectly, he said.