Former finance minister P Chidambaram reacts to Budget 2019

FM Piyush Goyal switched between Hindi and English during his budget speech, confusing half the people. That was, in fact, the real intention of the government – to leave the people confused

Congress leader Chidambaram on Budget 2019 and say ‘My one line comment on the budget is that it is not a vote on account but an account for votes.’

Highlights :

This was not Vote on Account, this was an account for votes.

It was not an Interim Budget. It was a full-fledged Budget accompanied by an election campaign speech. By doing so, the government has trampled on time-honoured conventions. The govt has no hope of returning to power.

The big takeaway is that the present govt has further weakened fiscal stability. For the 2nd year in succession the govt has missed the Fiscal Deficit target. The revised estimate shows a slippage from 3.3% to 3.4%.

The govt’s desperation is proved by its announcement of the Farmers’ Income Support Scheme to provide a measly sum ₹6,000/year to every small/medium farmer.

By recklessly breaching fiscal discipline, the govt will fund the Scheme this year entirely out of borrowed money of ₹20,000Cr. Next year too, the Scheme will be funded entirely out of borrowed money of ₹75,000Cr. What about the urban poor?

I have no doubt in my mind that the Congress’ announcement of a Minimum Income Guarantee will bring true relief to all the poor households/families of the country, both farmer and non-farmer and both rural and urban.

Every report from the field has exposed the false claims made regarding ODF-free villages, domestic electricity connections, use of LPG cylinders and MUDRA loans. None of the numbers put out by the govt is true.

The MUDRA loans have only added to the accumulation of NPAs.

The direct tax concessions were beyond the authority of the government that will lay down office in 100 days

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