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budget 2019

Commenting on the budget, for- a claim that is contested by many experts. technology-driven, equitable and trans-
mer finance minister P Chidambaram On the ticklish question of generating parent society by 2030. Many critics main-
said it was not a Vote on Account but an jobs over the last five years, the Budgets tain that such utopian formulations can
Account for Votes. A critic, separately, repeats the stereotype version of the gov- be construed in terms of BJP’s roadmap
termed the budget as “Santa Claus budget” ernment by citing rise in EPFO member- for coming decade to remain in power by
offering goodies without seeking an en- ship, mudra yojana etc., which are highly hoodwinking the masses on rhetoric that
durable and sustainable solution to agrar- debatable. Claiming that during the last to focus on walk the talk.
ian distress. Various experts have raised 5 years under all categories of workers,
doubtsover the pragmatic aspects of these minimum wages increased by 42 per Way forward
ops for a selected target of audience in the cent,which is the highest ever, the budget What worries many critics that where-
election year leaving a Pandora’s Box of envisages government’s plan to launch from the government raise its revenue to
problems for the incoming government. mega pension yojana for 42 cr unorgan- implement such glossy announcements,
ised sector workers; assured monthly pen- especially when the NDA government is
Sops in election year sion of 3,000 after reaching the age of 60. already building pressure on theRBI to
This interim budget offers sops for the pay part of its profits to the government
middle class, small farmers and unor- Utopian outlook before a crucial election due by May, pro-
ganised sector. It exempts persons with Interestingly, the budget reportedly offers viding Modi government with cash to
gross income of 6.5 lakh annually from a utopian outlook for the coming decade boost spending and voter support, while
paying any tax after considering invest- keeping the budget deficit in check. In
ments of 1.5 lakh in tax saving schemes. While doling out sops reality, this government is setting a dan-
It has also increased gratuity limit from gerous trend by interfering with the
10 lakh to 30 lakh. for small farmers, this autonomous functioning of the central
While doling out sops for small farm- bank. Besides, in its frenetic efforts to
ers, this budget envisages that farmers budget envisages that neutralize Congress president’s recent
affected by severe natural calamity will farmers affected by announcement of ensuring minimum
get 2 per cent interest subvention on all income guarantee to the poor segments
rescheduled crop loans and additional severe natural calamity of the population, Modi government’s
3 per cent on timely repayment. While will get 2% interest interim budget seems to be an exercise in
harping on its move of fixing MSP for hoodwinking the farmers and the middle
22 notified crops at 50 per cent higher subvention on all class by offering these sops which may not
than cost of production, which has been rescheduled crop loans get fructified immediately and may prove
widely contested by the farming commu- another jumla.
nity throughout the country, the budget and additional 3% on Without addressing the job crisis and
promises structured income support timely repayment agrarian crisis in an effective manner, the
for poor, landless farmers to meet in- interim budget has left the people, with
put cost and farmers are to be provided the exception od salaried class benefitting
6,000 per year in three instalments, to be coinciding with the year 2030, a year ear- from tax sops, high and dry. In the wake
fully funded by the central government marked by the United Nations to realize of Modi government’s quota reservations
Besides, it also offers 2 pc interest subven- the 2030 Agenda of sustainable develop- for the economically weaker sections with
tion to farmers involved in animal hus- ment by implementing 17 Sustainable the income bracket of 8 lakh rupees, the
bandry and fishery. Last but not the least, development Goals along with their 69 middle class has been expecting the tax-
it also refers to government’s promise of targets with a view to ensure that no none exemption up to 8 lakh and instead they
providing 750 crore in FY to support ani- is left behind. However, the budget is got exemption up to 5 lakhs. Another
mal husbandry and fishing. silent on India’s achievements on SGs. One important aspect is that it has left a Pan-
While making sops, it sang in praise of the utopian outlooks focuses on India dora’s Box od controversies and prob-
of demonetization and avoided the being on the way of becoming global lems for the ensuing dispensation that be
adverse impact of this move on job loss manufacturing hub, including automo- at the helm in the aftermath of May 2019
and economic destabilization od the biles, electronics and defence. It also elections. Such sops at the last moment
MSME sector. The very fact that tis budget envisages building physical and social reminds of a rural saying that what is the
offers sops for the unorganized sector infrastructure for $10 trillion economy, use of rain when the farm produce has
deems indirect admission by the govern- says FM. already been destroyed due to drought.
ment that this sector was made to suffer The budget claims that the Modi-led
severe strains as a result of demonetiza- NDA government has laid foundation for The author is Executive Editor of News24.
tion. Increase in taxation base is cited as India’s growth and development for times Views expressed are his own
the positive outcome of demonetization, to come and that India will be modern, letters@tehelka.com

Tehelka / 15 february 2019 11 www.Tehelka.com