The National Secretariat of the Communist Party of India issued the following statement on July 5, 2019 on Union Budget 2019-20:
Modi government’s budget for 2019 - 20 presented by Finance Minister Nirmala Sitharaman is a huge disappointment as it fails to address real issues of our economy and people. Slowdown in growth, rising unemployment, rising NPA of banks, rural distress increasing social and regional imbalances are some of the major issues before us. Mere rhetoric or slogans in speech will not help. The budget emphasis on privatization of public sector, disinvestment of PSUs, private investment and FDI as the government did in last five years but failed to stimulate expected growth.
The imposition of tax on super rich is balanced by reduction in corporate tax and not imposing wealth tax defies logic.
Allocation on education and health are much below the need to meet challenges faced on these fronts. Imposition of Rs.1 per litre cess on petrol and diesel, when international prices of crude oil are increasing will further add to inflation and hit common man. The budget is deceit of the people and one will have to wait to see how the target of 5 trillion economy is going to be achieved as envisaged by Niti Ayog and Prime Minister.