February 7, 2025
Abhishek Banerjee’s speech in Lok Sabha during the General Discussion on the Union Budget for 2025-26
Hon. Chairperson Madam and esteemed Members of this august House, today I rise here not just to respond to the Union Budget that was presented by the hon. Minister for the year 2025-26, but also to expose the grand illusion it weaves – a mirage, a deception, or rather a ‘golden’ deer’ Budget. All of you must be wondering why I am referring to this Budget as a ‘golden deer’ Budget. The 2025 Union Budget is nothing but a Marich moment from the Ramayan, an elaborate illusion designed to deceive. Just as the demon Marich took the golden form of deer to lure Maa Sita away, the NDA Government has crafted a shiny dazzling Budget promising prosperity, while hiding the economic catastrophe beneath. This Budget might shimmer, but it is hollow as a treasure chest filled with air. It is flash promises of tax cut, economic growth, infrastructure hype to distract the common man, but beneath this illusion lies a brutal reality–hidden indirect taxes, soaring inflation, slashed public spendings, and last but not least, corporate giveaways. Just as Maa Sita was misled, the common people are being pulled away from financial stability straight into fiscal wrecking ball. This Government proudly proclaims ‘no income tax for income upto Rs.12 lakh’. But behind the scenes, they silently ensure the lost revenue is recovered through rising fuel prices, inflated service charges, hidden taxes on daily essentials, and middle class, much like Laxman warning Maa Sita, is sceptical, but BJP’s propaganda and PR machinery is desperately working overtime to ensure that the common man and the people of this country still chase the ‘golden deer’ anyway. What is given by one hand is being swiftly taken by the other. Just as in the Ramayan, by the time people realize and recognize the deception, the economy has already been handed over to the Ravanas of crony capitalism while the common man is left struggling to afford groceries, fuel, travel, healthcare and even a simple movie night, all while being taxed for merely existing Madam, the Budget presented by the NDA Government is a masterclass in half-truths, half accountability, half delivery of schemes, and half-hearted governance. From half-built houses under PMAY to half-achieved farmer income targets, the Government continues to sell dreams while delivering only fragments of reality. Infrastructure projects remain half-finished, welfare schemes reach half the beneficiaries and their failed economic policies cater to half the population, leaving the rest in uncertainty. This is not a vision for a developed India; it is a half-baked agenda wrapped in propaganda. Make no mistake; much like demonetization, GST and the draconian farm laws, the full extent of devastation will only be visible when the smoke clears. I will start with the half-truths. The NDA Government in Maharashtra launched the Ladki Bahin DBT scheme for women in Maharashtra just before the Assembly elections last year to use it as a political bait. Now with the elections over, they have conveniently started scrutinizing beneficiaries, thus removing 60 lakh women from the scheme. This is just another jumla running deep in your veins and people see through this betrayal and they are watching. Another betrayal is there. Before the elections, the Government promised a legal guarantee for MSP. After the elections, the promise has disappeared without a trace. Madam, the Finance Minister is here and I am glad she is present in the House. She began her speech with a flourish on agricultural growth, but when it came to MSP, the one demand that every farmer of this country has raised, there was only silence, no legal guarantee, no relief from the crippling debt. Instead of waiving farm loans, the Government has increased the Kisan Credit Card loan limit which essentially means handing farmers more debt. Whatever data I am quoting in the House, if the Chair wants, I would lay it on the Table of the House before tonight. Madam, since 2014, in the last ten years, there have been one lakh farmer suicides, that is one suicide every hour. These are not just numbers. They are a grim reminder of a system that abandons those who feed the nation, while they conveniently feed lies to the entire country. They boasted of digital India, but conveniently ignored the dire state of our schools. While flashy slogans flood social media, the harsh reality is PM POSHAN remains stagnant, leaving millions of children without nutritious food. More than 50 per cent of the children under the age of five suffer from chronic malnutrition with 17 per cent underweight, 36 per cent stunted, and 6 per cent wasted, a crisis screaming for attention, and yet the budget for PM POSHAN remains dejectedly inadequate, proving once again that the Union Government is interested more in headlines than hungry children. Another half-truth is this. Before the elections, the NDA Government or the ruling Party, BJP, promised LPG cylinders for all. But in reality, 1.2 crore households, I repeat the figure, 1.2 crore households could not afford even a single refill in 2022-23 because of their exorbitant price hikes. This is not upliftment, this is abandonment. When people have to choose between a meal and a refill, their promise is nothing but a cruel joke. In 2019, the Cabinet approved Rs. 8,574 crore for the Census. Yet in 2025, today even after five years, only Rs. 570 crore have been allocated in this year’s Budget. Five years later, and still counting, and this is not happening this year either. But why does this matter? Why am I talking about the Census? It is because without a Census, every policy, every income tax slab revision and every economic projection is simply and just a blind projection and a blind gamble. The Nari Shakti Vandan Adhiniyam, Women’s Reservation Bill, which was passed by calling a special Session 18 months back in 2023, could not be implemented as its rollout depends on the completion of the next Census. The Women’s Reservation Act and subsequent delimitation, both are both are yet to be scheduled. The Government seems to prefer running the country on guesstimates and propaganda, rather than real data because facts expose their failures, and they would rather keep the nation in the dark. As we look at the economic policies of the NDA Government, one cannot help but see a pattern, and what is the pattern? The pattern is, if I am to say, it resembles the tale of a `Reverse Robin Hood’. What is a `Reverse Robin Hood’? We know the story of Robin Hood, taking from the rich and giving to the poor. BJP has mastered the art of taking from the poor and giving it to the wealthy elite. So, I am saying `Reverse Robin Hood’. I will give you an example, for instance, the waiving of corporate loans worth rupees thousands of crores, using taxpayers’ money, while poor farmers struggling with small debts are left to suffer. The Government claims to have no money to increase subsidies on essential commodities. Yet, it slashes corporate tax rates, giving billionaires an even bigger slice of the pie. This is not economic justice. This is economic favouritism at its worst. Then I talk about or rather I will come to half-federalism. You know, all the Members sitting in this House have never heard of this phrase. This is a phrase that I have coined — `half-federalism’. Why I say halffederalism? I will give you another example just to understand it better. In Bihar, BJP’s ally, Janata Dal United or JD(U) has 12 seats. And in Bengal, BJP has 12 MPs. BJP is in power in Bihar, and BJP is not in power in Bengal. So, Bihar gets bonanza, Bengal gets blockade. This is half-federalism. Madam, not a single meaningful financial allocation has been made for the State of Bengal. This is a Bangla-virodhibudget. An amount of Rs. 1.7 lakh crore is still due to the State of West Bengal under various heads. This is a deliberate financial blockade, a calculated move to stifle Bengal’s growth, prosperity and development. West Bengal’s spending due on MGNREGA to the tune of Rs.7,000 crore still remains unpaid depriving 59 lakh poor workers. The State has launched Karmashree scheme for providing employment opportunities to job card holders paying 51 lakh workers from its own funds. The Central Government has not cleared Rs.8,140 crore in housing dues for rural Bengal under Pradhan Mantri Awas Yojana depriving 12 lakh beneficiaries. The State Government launched the Banglar Bariproject last year in the month of December providing housing to 12 lakh beneficiaries entirely from the State’s own funds. Why am I giving you these facts? This is because all of you, especially the Members sitting in the Treasury Benches must know that even though you have deprived West Bengal, the State continues to stand tall as a true testament and an example of ‘atmanirbharata’ where the mind is without fear, where the head is heldhigh – Chitto Jetha Bhayshunyo, Uchcho Jetha Shir. While the Centre withholds funds and plays politics with the people of Bengal and their livelihoods, Bengal refuses to beg. We build, we provide, we progress, we grow with or without their support. Bengal has more than doubled its export in the last 10 years. Madam, 57 lakh new MSMEs have been added employing over one crore people. Bengal’s handloom industry employs over five lakh workers, which is the second highest in the country. The State’s Broadband Policy formulated in 2020 resulted in an investment of Rs.7500 crore in the telecom sector alone. Almost three lakh direct employments have been generated in IT companies. Bengal has over 88 lakh MSMEs, which is the second highest in the country. One out of five MSMEs are owned by women, which is the highest in the country. Madam, 36 per cent of workers in these enterprises are females, which is the third highest in the country. Now, I will come to health. India remains one of the lowest health care spenders globally investing a mere three per cent of its GDP, far behind China’s five per cent and United State of America’s 16 per cent. For a country of 140 crore people, this level of investment is not just inadequate, it is an outright betrayal of public health. The Government has opened floodgates for 100 per cent FDI in insurance happily inviting foreign profits. But it refuses to remove the 18 per cent GST on health insurance. So, while the corporates enjoy feeding, the common man is taxed while they are fighting for their own lives. This is not a reform. This is a rigged game where the poor, the downtrodden and the common people of the county are deliberately made to lose. Instead of strengthening Government hospitals this Government prioritises private insurance. Models like PMJAY, whose allocations shot up by 29 per cent, essentially funnel public money into corporate pockets. Strengthening public health care could have benefited millions. But instead, the Government chose to privatise health care under the guise of welfare. If the Government truly cared about public health, why has funding for mental health programmes like the National Tele Mental Health Programme been slashed by 16 per cent? Why is NIMHANS, which is the country’s top health mental institute, facing budget cuts? The answer is simple. The Government just does not care. If health care were a priority, this Budget would be investing in real solutions, not just mere illusions. Under BJP rule, all of them combined excel in crafting headlines. But when it comes to hospitals, medicines, genuine public health investment, the reality is nothing short of an empty set. Now, I come to half-Minister. I spoke about half-truths. I spoke about half-federalism. Now, let us talk about half-Minister. This is because our part-time Railway Minister is also juggling between two other Ministries. One is Electronics and Information Technology and the other one is Information and Broadcasting. Running the Indian Railways, which is considered as a lifeline for millions is not a side gig. But under BJP, governance has become a multi-tasking circus delivering half-baked results everywhere. Why I say this is because from the time this Government came in, they have discontinued the Railway Budget. What have they done for safety? How many kilometres have been covered under KAVACH? Between 2015 and 2024, there have been 678 consequential railway accidents, where more than 784 people have lost their lives, leaving more than 2000 injured. No wonder, tracks are crumbling. The tech sector is struggling. And the media is drowning in propaganda. Then, Madam Chairperson, I come to half-baked answers. I can ask fifty questions or hundred questions to the Government. But let me ask only five. Why did you promise the people of this country a five trillion-dollar economy by 2025? We are in 2025 today in the month of February. And looking at the rate India is growing, that goal will not even be achieved by 2037, forget about 2025. Why did you slash funds for LPG connections to poor households by 30 per cent over Revised Estimates? Why have you slashed funds for crop insurance scheme by 25 per cent over Revised Estimates? Why has the Data Protection Board of India been given only Rs. 5 crore when the cost of running the Parliament for a single day is more than Rs. 9 crore? Why has the budget allocation for the Minority Affairs has been slashed by 57 per cent, decreasing significantly from Rs. 1,575 crore in 2024-25 to Rs. 678 crore in 2025-26? These are the hard facts. These are data. Madam, now, I come to half-accountability. After half-truths, after halffederalism, after half-Minister, after half-baked answers, I come to half- accountability. A Government is expected to be hundred per cent accountable. But this coalition Government believes in half-accountability. You all must be wondering where is the other 50 per cent. Well, that is conveniently covered by the .. media because — if you ask them, if you ask the media — according to them, this Government is working 200 per cent and is functioning at 200 per cent efficiency, and in their world, in the media’s world, there are no failures; failures are invisible and questions are forbidden. The only policy is propaganda. Madam, let me make just two quick points to prove their halfaccountability. Food inflation, in 2024, averaged at 8 per cent. In October, food inflation was at 14 months’ high. The bottom five per cent spends Rs. 66 a day, while the cost of two vegetarianthalisexceeds Rs. 150. Household savings have dipped to a fifty-year low. In the case of unemployment, youth unemployment is at a staggering 45 per cent. Three out of ten graduates today are unemployed. Under PMKVY, only 18 per cent of the trained candidates were placed. Over 90 per cent of the workforce employed in the informal sector, lacked job security and benefits. Madam, now, I come to half-delivery. Now, let me present before you a few examples of half-delivered services. Time and again, this Government has misled the people making tall claims but has failed to deliver when it truly matters. I start with ‘Beti Bachao, Beti Padhao’. Launched with much hype and fanfare to promote girl child education and welfare, yet, over 80 per cent of the scheme’s budget was spent on publicity rather than spending it on actual benefits for girls. Then, I come to Jan Dhan Yojana — bank accounts without bank services. Under the Jan Dhan Yojana, 54.66 crore that means 54 crore and 66 lakh accounts were opened. But 11 crore and 58 lakh accounts remain inoperative. And out of this 54 crore accounts, 33 crore and 67 lakh accounts have balance less than Rs. 1000. This is the perfect example of ‘financial inclusion’ in paper but ‘financial struggle’ in reality. Madam, they spoke about doubling farmers’ income, a forgotten promise. They have promised to double the farmers’ income by 2022. We are in 2025. But today, farmers are downing in debt, facing stagnant crop prices, rising input costs and no legal MSP guarantee. Pradhan Mantri Fasal Bhima Yojana benefits insurance companies more than the farmers. Smart Cities Mission has more hype than reality. They promised over 100 smart cities. But most projects remain on paper or are rather incomplete. Basic infrastructure in many towns is crumbling while funds remain under-utilized or diverted to beautification projects. They spoke about ‘Make in India’. They spoke about revolutionizing the manufacturing industry but what is the reality and truth of ‘Make in India’ – more imports, less manufacturing. Local industry today struggles under the rising imports from China, inconsistent policies and low capital investment. Instead of boosting domestic production, India’s trade deficit with China has skyrocketed over the years. There is unemployment. They promised about two crore jobs every year. But in reality, unemployment remains at 45 years high. They promised houses for all by 2022, yet another broken promise. In 2015, a promise was made to provide every household a home by 2022. Three years later, in 2025, as the deadline passed, millions still await promised homes highlighting delays and unmet expectations. If you look at the pattern, it is big announcement and half execution or rather zero execution. From infrastructure to education, from health to employment, BJP’s governance is a pattern of half delivery. Grand promises, incomplete execution, and shifting blame when failures are exposed. I was here when Madam Finance Minister presented the Budget but later, I went through the Budget document. Madam, all I realize is this Budget is like those promises where you promise free meals, but charge exorbitantly for giving a chair to sit, for water and for service. So, this Budget is like a buffet that promises free meal but charges exorbitantly for water, service and cutlery. While tax payers find momentary relief in minor reduction in income tax slabs, the Government swiftly offsets these benefits through indirect taxes on fuel, essential commodities, rising road tolls, and higher consumer good prices driven by the increased GST rates. It is evident that this relief is nothing more than a mere illusion, much like Jio’s once free data plan attracting millions of users at a time and then, they raise the tariff sharply which now comes monthly at a hefty price tag. The Government claims to provide relief but the reality for the middle class tells a different story. Let me give you another small example. These are real examples. The Government claims an Rs. 80,000 tax benefit for an individual whose income is Rs. 12 lakhs annually. But it is nothing but a misleading farce. They thump their chest about relief while simultaneously bleeding the common taxpayer, strike through GST and unchecked inflation. A taxpayer in this income bracket, that means, someone who is earning Rs. 12 lakh annually spends on essential categories like food, housing, education, healthcare, railway travel, air travel, transport, recreation and each of these are subjected to steep GST rates under NDA’s failed economic policies. The result, if you do a quick calculation, you will see that someone earning Rs. 12 lakh ends up inadvertently paying Rs. 98,000 in GST. So, the illusion of Rs. 80,000 tax benefit that BJP is desperately trying to sell, in reality, it snatched away through GST alone. That means, someone earning Rs. 12 lakh has to pay advertently Rs. 98,000 on account of GST alone. Then, you have surcharges, you have cess, you have toll tax and many other taxes. You have STT, securities tax. Why am I talking about GST? It is because whatever one requires to exist, from medicines to tea, from toiletries to tooth paste, from hair oil to cooking oil, from fuel to oxygen cylinders, from rice to sugar, from butter to ghee, from under garments to footwear, from biscuits to even pop corn at the movies, everything is taxed. In fact, more is lost to GST than they claim to give back. To make matters worse, there are several other taxes as I mentioned. There is toll tax; there is security transaction tax; there are cesses; there are surcharges; and then there is inflation also, which continues to erode whatever little remains. With an average 6 per cent annual inflation, if someone is earning Rs.12 lakh today, it will shrink down to Rs.10 lakh in three years. The only thing that is not taxed, or rather untouched, is BJP’s list of misleading promises and their sheer incompetence. That is only untaxed. The Budget remains completely a failure and the budget also reminds me from a scene from a popular movie, 3 Idiots. All of us have seen the movie. It went very popular, and irrespective of caste, creed, and religion, everyone loved the movie. Madam, the Budget reminds me of the movie 3 Idiots where Shri Aamir Khan’s character, ‘Rancho’, exposes the education system’s obsession with rote learning over genuine understanding. Similarly, today’s Government reminds me of the deceptive college director, ‘Virus’ of that movie and the role of Virus was played by Shri Boman Irani. I am not talking about the viruses present here. I am talking about the college director ‘Virus’. So, what the college director, ‘Virus’ used to do? He used to offer flashy numbers, grand schemes that prioritised ranking over real progress. Much like Virus, the focus seems to be on the surface level, over real achievements, presenting a polished image rather than addressing the true needs of the people. If we take a page from the history, the British, during the colonial rule, promised reforms while continuing to exploit India’s resources. BJP’s Budget follows the same playbook, advertising tax relief while ensuring the burden is transferred through hidden economic policies that favour big corporations and the elite, leaving small businesses and working class struggling. Madam, the Budgets presented over the last one decade perfectly sum up India and the BJP’s version of Achhe Din, reflecting not just their grand narrative but also the harsh reality of common people’s struggle under the NDA’s rule and regime. If I am a citizen of India, I have to pay tax on the money I earn. If I am a citizen of India, I have to pay tax on the money I spend. If I am a citizen of India, I have to pay tax on the things I buy and I have to pay tax on the things I sell. Moreover, I have pay tax on things that are already taxed which I bought with the money which is also taxed. Just imagine, you earn, you pay tax; you spend, you pay tax; you buy, you pay tax; you sell, you pay tax; and then you pay tax on things that are already taxed from the money which is already taxed. This sums up the Budget completely. The people of India have woken up and they will no longer be misled by these empty promises and false claims. The Government must pay attention to the aspirations of 140 crore citizens. If they do not, they should brace themselves. What started as a teaser in June, 2024 will soon become a full-blown blockbuster. After all the saying goes, never underestimate the power of the common man. Every Indian who is watching this, who has seen the Budget, who has voted in 2024 and is going to vote again, exercise their franchise, they are far better scriptwriters than the BJP Members of this House. India now sees the truth clearly. BJP stands for Bhashan, Jumla and Propaganda, where speeches replace real action and NDA stands for, well, no prize for guessing, Not Delivering Anything. Thank you, Madam. Jai Hind.
