February 10, 2025
Kalyan Banerjee’s speech during the General Discussion on the Union Budget for 2025-26
Sir, our country is always beautiful, developed and developing itself in each year after Independence in terms of heritage, culture, education, archaeology, mentality and role model of religious unity. India is widely considered as one of the best and oldest living civilizations with evidence of quality life and stable economy in the world dating back to at least 8000 BCE. Who will get the credit of this development and beauty each and every year? Who will get the credit? The people of the country will get the credit. It is due to the contribution of the people of this country, India has developed. No single person can claim that because of him, India has developed. To see whether any budget in the past few years has fulfilled the expectation of the people, the immediate test is the stock market’s response. Sensex and Nifty have maintained a flat benchmark in the stock market for the last 10 days and have not affected the market growth. Even real stocks, including RVNL, which would have been one of the biggest beneficial of the capex hike, have seen a significant decline of up to nine per cent following the Union Budget. This proves that the Budget for 2025-26 has neglected the challenge of the economy and the common demands of the people. It has not met the expectation of market participants leaving the common critical issues unresolved. With public debt at nearly 80 per cent of the GDP and interest payment consuming a quarter of Government revenue, this Budget is shocking and a fiscal betrayal to the people as well as strategic failure in driving economic growth. The Budget is anti-people and destructive for India’s economy. The Union Budget 2025-26 has failed to address several key economic challenges, including currency depreciation and declining markets. But it is a bold push towards the complete privatization of the economy. In 2014-15, the Government promoted a composite cap on foreign investment, raising it to 49 per cent, which has now been replaced by 100 per cent. The question is whether the entire population will be covered under insurance and medical insurance for availing treatment facilities at one-rupee premium cost or not. In 2019, the penetration of both life and non-life insurance in relation to GDP was 3.7 per cent, and it remains the same in 2024 due to absence of a peoplefriendly claim and policy mechanism. I have another crucial question regarding FDI in insurance and the Government’s policy on LIC and other public sector insurance companies. How long will they keep publicity secured and avoid disinvestment process? The GST has not been reduced in the insurance sector, while 100 per cent foreign investment is not allowed in the insurance sector. Our Chief Minister, the Chief of the Trinamool Congress, Mamata Banerjee ji, has been opposing FDI in insurance since 2012, and she stood against increasing the foreign investment cap in insurance sector to 100 per cent. She expressed her concern over the plight of people’s deposits in LIC and other public sector companies saying that the existence of such institutions might be at stake in future. Our hon. Prime Minister always speaks about reform, perform, transform, but he seems to be acknowledging what his Government has failed to do. The Budget ignores the immediate challenges of growing unemployment, inflation and inequality. The labour share of GDP dropped from 49 per cent in 2017 to 45.2 per cent in 2023. In terms of the 2025-26 Budget and the 2019-20 Budget, we can see that in 2019-20, borrowing and other liabilities were 20 per cent; they are 24 per cent now. The non-tax revenue, which was nine per cent, remains the same; custom duty was four per cent, which remains the same; corporate tax was 21 per cent, which is reduced to 17 per cent; GST was 19 per cent, which is reduced to 18 per cent; central excise duty was eight per cent, which is reduced to five per cent now; income-tax was 16 per cent which is now 22 per cent; non-debt capital receipts were three per cent which are now reduced to one per cent. In 2019-20, the interest payment was 18 per cent which is now 20 per cent; expenditure on centrally-sponsored scheme was nine per cent, which is now eight per cent. In 2019-20, the subsidies were eight per cent, which have gone down to six per cent. In 2019-20, the defence expenditure was nine per cent, which is eight per cent now; the expenditure on Finance Commission and transports was seven per cent, which is eight per cent now; other expenditure was eight per cent, which remains the same; expenditure on pension was five per cent which is reduced to four per cent; expenditure on the Centrally-sponsored schemes was 30 per cent, which is 16 per cent now. The data clearly shows that interest payment but not repayment of foreign loans, compromises with funding of Centrally-sponsored schemes, subsidies, pensions etc. The country’s external debt has risen to Rs.60.82 lakh crore in 2025 compared to Rs.39.50 lakh crore in 2019. A complete Budget in second term was addressed in 2019. Now they are delivering a complete budget in 2025. See how it has been reduced in their regime itself. Furthermore, loans and foreign borrowings are proposed to increase by two per cent, a move towards ridding with a huge debt. Before I go into other arena, I want to point out that in the recent past, I came to understand that the functioning of NCLTs and NCLATs are not in line with the objective of Code. The promoters are delaying the process directly or indirectly by making more litigations in the CIRP and liquidation proceedings. It is noticed that the NCLTs and NCLATs are not giving judgements in time. They are reserving the orders for months and months. I would like to know how many orders are reserved across India as on today, and for how many days, these orders are pending to be pronounced. What is the message the NCLT judges are trying to convey by holding these orders? Sir, by increasing the income limit for being taxed to Rs. 12 lakh, around one crore taxpayers, who were previously required to pay tax, will now pay none. The total expenditure as a proportion of the GDP is projected to decrease from the current 14.60 per cent to 14.20 per cent. Only 2.84 income tax payees will benefit from the income-tax exemption announced for next year. This is only 22 per cent of the total number of salaried workers in India and has no relevance to maximum working-class people of the country. Only 22 per cent of working class will get this benefit; rest of them will not get this benefit. The allocation to MGNREGA has been reduced to Rs.86,000 crore from Rs. 89,153 crore in 2023-24. A lesser allocation in MGNREGA and PMKisan scheme indicates stagnation. What will this budget do? The allocation for social service has been reduced by 16 per cent; housing funds have been cut by 4.38 per cent; and spending on social welfare and Scheduled Castes and Scheduled Tribes has been reduced by more than three per cent. Most importantly, the Budget allocation for food subsidies has been reduced by four per cent. There is nothing for youth, women and farmers in this Budget. Regarding social sector spending, the total net receipts for the Centre are estimated at Rs. 28.37 lakh crore while the total expenditure stands at Rs.50.65 lakh crore, signalling continued fiscal constraint as on December 31, 2024. Sir, now I will speak about the Revised Estimate and the funds released. For Samagra Shiksha, fund estimated is Rs. 37,010 crore in 2024-25, released Rs. 17,605 crore. For AMRUT, the Revised Estimate was Rs. 6,000 crore, fund released was Rs. 4,158 crore. For Swachh Bharat Mission (Urban), fund estimated is Rs. 2,159 crore, fund released is Rs. 1,346 crore. For Jal Jeevan Mission, it has been reduced to Rs. 21,871 crore. With regard to the issue of unemployment, the economy requires 78.5 lakh new non-farm jobs every year, but there is no clear road map to achieve this. Sir, as reported by The Economic Survey, average monthly real earnings of self-employed men dropped from Rs. 9,454 and to Rs. 8,591 in 2023-24. If I read all the data, even in the agriculture field, everywhere, this is reducing. Now, I will speak about child development. These are the three important areas which I will look into. Around 35.5 per cent of children under five years of age are stunted. The maternal mortality rate is 97 per one lakh live births. Now, I will be talking about a very important issue which is appealing to my mind, that is the issue of women’s empowerment. The empowerment of women depends upon economic and financial independence. If the economic and financial independence of women are not there, there cannot be any women’s empowerment. What do we have to do? We have to take pathways to educate all the girl children of this country. Unless they are educated, women’s empowerment will be an unsuccessful slogan. From my political, professional and personal experience, I can say that the women of the country are really in danger now. Today’s result is not good. It is everywhere. The concept of marriage is almost gone. That bonding is not there. Everything is gone. Almost 70 per cent of women are divorced. They do not know how to maintain their livelihood. We have to do something for them. There should be an effort by everyone or rather, I will say to the girls and women of this country, through this House, to first stand up on their own feet and then think about marriage later on. Marriage is one of the requirements of life. I can understand that, but education is a compulsory requirement. I have only spoken for 10 minutes. Sir, it is required. We have to do it. We have to decide how we will do it. We have to do something for the women. We request you to kindly do it. Tourism is a significant boost to the economy. The Budget has allocated funds for the development of top 50 tourist destinations in partnership with the State Governments through a `Challenge Mode’, which is a positive approach. However, after spending over Rs 2,500 crore on the 45-day long Maha Kumbh Mela at Prayagraj, the Government has not taken a visible action regarding the massive and unfortunate stampede on 29th January, 2025. There is no clarity on the post-mortem reports, the number of deaths, compensation for the affected families or the issuance of death certificates. Why has the Central Government not taken any action or initiated inquiries into the negligence of the local State Government? You have made it an internal issue. It is no longer a State issue. You have advertised it widely. Why has the Kumbh Mela been made an internal issue? Why should there not be an inquiry by the Central Government itself? Why? That should be done. One JPC should be constituted by the Parliament to look into the unfortunate incident that occurred at the Maha Kumbh Mela. Now, I am come to the issue. The hon. Finance Minister has given much benefit to Bihar. We do not have anything to say. We have no objection. Bihar needs it; Bihar should get it. But why have you neglected Bengal? That is our question. No scheme has been introduced for the development of Bengal. Systematically, the Central financial benefits have been withdrawn from Bengal for one reason or the other without any foundation. In this background, I want to say that Bengal Global Business Summit, 2025 was held last week under the leadership of our hon. Chief Minister. A number of countries, 40-plus, attended the Summit. Some of the countries are Bhutan, Germany, Japan, Kenya, Malaysia, Morocco, and the United Kingdom. There were 40 countries. There were 16 sectoral sessions on different subjects. There were six country sessions with Bhutan, Japan, Germany, Poland, Malaysia and the Netherlands. There was an exhibition at Biswa Bangla Mela Prangan. There were 215 stalls covering key sectors. Top exhibitions were from the Government of Jharkhand, ITC, RPSG Group, Titagarh Rail Systems, ONGC, Jupiter Wagons, Patton International, Ambuja Neotia Group, Kolkata Port Trust, Manipal Hospitals, JIS Group, etc. Coming to the investment and impact, the total investment proposal that has come during the last two days is Rs.4,40,595 crore. I am not naming one big industrialist; I am speaking about a very famous, recognised, gentleman industrialist. I am not taking his name. He has said that Bengal is the place where the industry will be developed. Today’s industrial development of Bengal is because of Mamata. That he has said very categorically. We have seen it from his speech itself. I am not taking his name. He is not here. I am not supposed to take his name. Therefore, we have done so many things. We are having a crunch. No financial sanction is given from the Central Government either in MGNREGA, or in Awas Yojana or in anything. Everything is being done from the fund of the State Government. That is being done by the hon. Chief Minister Mamata Banerjee. We can say that we do not mind if you ignore us. But for every ignorance of yours, people of Bengal will give answer every day. You will get the answer in 2026. Very nicely, you will get the answer in 2026 when the BJP will not get even 30 seats, will not get even an Opposition leader. I can assure you that if you neglect Bengal, people of Bengal will give you an answer. Now, journey will be done every day. The Prime Minister will go to Bengal. Then, Amit Shah will go. Then, Nirmala Sitharaman will go. Everybody will go to Bengal every day. But ultimately, they will not get even 30 seats. You ignore Bengal. The people of Bengal will give you an answer. BJP will get a big slap. Thank you, Sir.
