BJP leader Naidu reaction on Union Budget

Union Budget is a hugely disappointing budget. The Congress led UPA government has betrayed the people. It has failed to live up to the expectations and sensitivities of the people. It lacks reforms and major initiatives. Fiscal deficit at 5.1% is very high. It is inflationary budget. Rs.1,00,000 crore additional burden on the people. With the increase in service tax and excise duties, prices will go up and the common man will be the worst hit. Virtually everything under the sky has been brought under service tax’a ambit. It is horrible to have service tax on education. The Indian economy is passing through challenging times. The sentiment with regard to the economy is low. The presentation of the Union Budget 2012-13 was a historic opportunity for the Finance Minister to take corrective steps. What was needed were leadership, clarity and cohesiveness in the UPA alliance. All these are lacking. The Finance Minister wasted a historic opportunity, by presenting a non-Budget. His Budget is an accounting statement but not a policy enhancing document. It fails to lift the sentiment of the economy. White paper on black money and corruption is long over due.  Disinvestment target was lowered to 30,000 crore as against the target of 40,000 crore for 2011-12.   The actual achievement for last year was only Rs.12,000 crore.  God knows whether any disinvestment will at all happen this year given the UPA’s precarious health! The Rs.20,000 exemption in Income Tax limit is no solace in the backdrop of backbreaking inflation. It is nowhere near the exemption limit recommended by the Parliamentary Standing Committee on Finance. Much more was expected to provide relief to the salaried class of employees.Dr. JP speaking (in telugu) on the Union Budget 2012-13. He described the budget as a mixed bag and added that we cannot end poverty and promote equity by pursuing populist policies and vote bank politics. We need quantum leaps in agriculture, education, healthcare and jobs.