As the covid-19 pandemic has hit the common man to much extent, many said that they had a lot of expectation from the government through this budget. However, with no relief to middle class in terms of income tax exemption, they are left disappointed.
Besides, they have termed the budget pro-corporate as Finance Minister Nirmala Sitharaman announced that the government will privatise two public sector banks other than IDBI Bank. One general insurance company will also be privatised in the coming fiscal, she said.
A section of society has slammed the Union Budget for FY22, saying that budget has nothing for the poor, the working class, the migrants, the farmers, the industrial units that had been closed down permanently, and those who had lost their jobs, both regular and informal, and are still looking for jobs.
Sitharaman also exuded confidence that all the announced privatisation decisions will be completed in the next fiscal, despite the massive delay so far and the impact of the pandemic. Thereby, she assured that the much delayed disinvestment processes of Air India and BPCL among others would be completed in the upcoming fiscal.
Besides, the Congress leader Rahul Gandhi on Monday slammed the Centre for not providing cash transfers to the poor in the Union Budget, and said the Modi government was planning to give the country's assets to a few capitalists.
In a tweet after the Budget, he said, "Forget putting cash in the hands of people, Modi Govt plans to handover India's assets to his crony capitalist friends."
Also, many experts and the opposition came down heavily on the Centre after the Union Budget presentation by Finance Minister Nirmala Sitharaman.
Ahead of the Budget, the Congress had sought the repeal of the farm laws and more expenditure on the agriculture sector.
Rahul Gandhi had said, "Support MSMEs, farmers and workers to generate employment, and increase Healthcare expenditure to save lives. Increase Defence expenditure to safeguard borders."
The Congress had earlier stated that the government should impart a large fiscal stimulus to the economy, even if it was belated. "Such a stimulus alone will put money in the hands of the people," the party had said.
The Congress leaders had asked the Centre to make direct cash transfers to 20-30 per cent of the families who are at the bottom of the economy for a period of at least six months.
It also asked the government to formulate and implement a rescue plan for the MSMEs to revive closed units, recover lost jobs and create new jobs for those who had moderate education and skills, and also reduce tax rates, especially GST and other indirect tax rates on petrol and diesel.
The party said the government should increase government capital expenditure and encourage public sector banks to lend without fear of investigative agencies probing every loan.