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Rediff.com  » Business » Mamata slams Budget, calls Modi govt of FDI, by FDI and for FDI

Mamata slams Budget, calls Modi govt of FDI, by FDI and for FDI

Last updated on: July 10, 2014 19:04 IST

Mamata slams Budget, calls Modi govt of FDI, by FDI and for FDI

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Terming the Union Budget as 'visionless, missionless and actionless', West Bengal Chief Minister Mamata Banerjee on Thursday dubbed the Narendra Modi regime as a 'government of the FDI, by the FDI and for the FDI'.

"The Budget is visionless, missionless and actionless from the angle of the common people.  

“It is not going to stimulate growth and development of the poor," Banerjee said in a Facebook post.  

Stating that a call for a strong and vibrant India was made before the government came to power and that there would be good governance, Banerjee said sarcastically

"Only one positive sign of the new government is established in two budgets that they have become a government of the FDI, by the FDI and for the FDI. 

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Image: The Budget is visionless, missionless and actionless from the angle of the common people, says West Bengal chief minister Mamata Banerjee.
Photographs: Reuters

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"Already, there is foreign direct investment in the retail. 

“Now FDI is increased to 49 per cent in defence and insurance sectors.

“In addition, disinvestment in banking sector is up to 49 per cent. “All these will adversely affect the people of the country," Banerjee said. 

Accusing the Centre of political vendetta in both the rail and general budgets, Banerjee said, "It is noticeable that Bengal and so many other states are getting deprived."  

She said that even though West Bengal had tremendous potential in the textile sector, it did not find place among the six new textiles clusters announced in the budget. 

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Image: Political parties say they are disappointed with the Budget.
Photographs: Reuters

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Union Budget 'corporate friendly' with focus on FDI, PPP: CPI Simultaneously the CPI described the Union Budget as "fundamentally a corporate friendly" one and said the proposals to raise FDI on insurance and defence sectors will be  “dangerous" for self-reliance and economic development of the country.          

Reacting to the budget, CPI National Secretary D Raja slammed it, saying it was not very different from the budgets presented by the previous UPA government.  

He said, "certain cosmetic measures have been announced to please a section of the middle class but fundamentally it is a corporate friendly budget with focus on PPP model and FDI."          

"Increasing the FDI in insurance and defence to 49 per cent will be dangerous for self reliance and economic growth and development of the country," he said.  

Presenting the budget, Finance Minister Arun Jaitley proposed to raise the foreign investment limit to 49 per cent in the insurance and defence sectors.  

Raja said certain budget proposals will weaken the domestic financial sector.

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Image: Reacting to the budget, CPI National Secretary D Raja slammed it, saying it was not very different from the budgets presented by the previous UPA government.
Photographs: Courtesy, GVK

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Terming the Union Budget as "directionless and anti-people", Delhi Congress on Thursday said that it would neither provide any relief to the poor and the middle class, nor has it made any provision for taking concrete steps to end unemployment.          

Delhi Pradesh Congress Committee (DPCC) President Arvinder Singh said that Government has made no provision to contain price rise, and the budget was a total let down for the people of Delhi.          

"The Union Budget is totally directionless and Anti-People. Delhi's people have been misled on the power and water issues, and the budget has made no provision for the development of Delhi," Singh said.  

The DPCC chief also said that implementation of this budget will push up the prices of coal, and as a direct consequence, the prices of all the essential commodities will go up, and the power tariff will also increase.  

"The continuation of a scheme like the NREGA, started by the UPA Government, has established that the BJP-led Government has accepted the scheme, and the criticism mounted by the BJP against the UPA Government before the elections was simply to mislead the people," the Congress leader added.  

Singh further said that the Government has not taken any strong steps to consolidate the financial position of the country, adding that this budget was totally anti-poor.

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Image: Congress party says, the Budget does not have much for the common man.
Photographs: Jitendra Prakash/Reuters

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Mamata slams Budget, calls Modi govt of FDI, by FDI and for FDI

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Opposition parties also termed Narendra Modi government's maiden budget a "disappointment" and an "anti-poor" exercise which can "benefit only the rich".  

Despite raising expectations, the budget has turned out to be a "missed opportunity" for BJP, they said as they begun by expressing apprehension that raising the tax exemption limit by Rs 50,000 was just "inadequate" when inflation was running high.          

"This budget has nothing for the 'aam aadmi' and the poor.

They have announced tax concessions to help corporates and big industrial houses.

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Image: The budget has nothing for the 'aam aadmi' and the poor, say opposition parties.
Photographs: Reuters

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"While on the one hand, they have said they will continue with the tax collection fixed by the previous government, they have given concession to the big industrial houses under pressure," said the Leader of Congress in Lok Sabha, Mallikarjun Kharge.          

Kharge said the budget offers nothing for welfare schemes like MGNREGA and averred that the tax exemption would not help the common man battle the high inflation.          

The deputy leader of Congress in Lok Sabha, Capt Amrinder Singh, said the budget was "not pro-poor".

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Image: The deputy leader of Congress in Lok Sabha, Capt Amrinder Singh, said the budget was "not pro-poor".
Photographs: Rediff archives

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NCP chief and former agriculture minister Sharad Pawar said, "It is a disappointment, rain of announcements, bunch of words and, lastly, insufficient fuel supply to engine of growth.          

"It is a corporate budget. There is nothing exceptional in this budget. There is nothing that will help the common man facing the brunt of rising prices.

The Rs 50,000 raise in tax exemption limit will not help the common man. With the rise in indirect taxes, prices of all items are going to rise."          

Pawar, however, hailed the 'one-rank-one-pension' provision for ex-servicemen, which the previous UPA government had initiated, and grant of heritage status to Amritsar.

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Image: Opposition parts have slammed the Budget.
Photographs: Reuters

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