Budget focuses only on corporates,income tax payers: P Chidambaram
New Delhi: Accusing Finance Minister Arun Jaitley of pleasing just the corporates and the income-tax payers, his predecessor in the UPA regime P Chidambaram on Saturday said the Modi government’s first full Budget has failed the fiscal test, the test of equity, and the test of rising inequality.
“If one asks who is pleased by the Budget, I suspect it will be the corporates and the income-tax payers (3.5 crore). Where does that leave the vast majority of the people, especially the poor, who look up to the government for succour and relief?,” Chidambaram said in a statement.
“While the income-tax payers (3.5 crore) may have been got some relief, all others have been burdened with increases in Excise duty and Service Tax,” the former finance minister added.
He said that there was no justification at all to set back the target date of achieving a fiscal deficit of 3 per cent by one year.
He said that there was no justification at all to set back the target date of achieving a fiscal deficit of 3 per cent by one year.
“On the fiscal test, therefore the Finance Minister Arun Jaitley has failed,” Chidambaram who was finance minister in the UPA government and United Front government said.
Jaitley on Saturday pegged fiscal deficit for 2015-16 at 3.9 per cent of GDP and proposed to lower it to 3 per cent by 2017-18, a year later than planned earlier.
via NorthEast Calling http://ift.tt/1AEUzJX
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