Lok Sabha

July 9, 2019

Saugata Roy speaks on the Union Budget 2019

Saugata Roy speaks on the Union Budget 2019


Sir, I rise to oppose the Budget and the Budget speech of the Finance Minister. The speech has been given in the background of growth rate falling to 5.8%, highest unemployment rate in 45 years, NPA of banks worth Rs 11 lakh crore, farmer suicides and lynching of Muslims. And as far as West Bengal is concerned, we did not expect anything from the Budget. Sir, this is a useless and directionless Budget, with a useless Budget speech. It is seen that there are no figures about allocation to ministries. That’s why the newspaper from Chennai, The Hundu, says it is the Budget that goes nowhere.   

Sir, the formula of the Budget was given in the Economic Survey by Krishnamurthy Subramanium. He prepared the Budget and the Economic Survey, which is reflected in the Budget speech. And the Economic Survey talks about the behavioural economics of Richard Taylor. The formula, the first chapter is called: Private investment, is the key driver of growth, jobs, export and demand. This is the framework of the Budget; that the  Budget is by the corporates, of the corporates and for the corporates. 

We have a new Deng Xiaoping. Sir, you know China’s leader Xiaoping. He said it is glorious to be rich. Mrs Sitharaman says in her Budget speech that we do not look down upon legitimate profit earning. India Inc. are India’s job creator, wealth creator. She wants the former JNU freethinker has become the biggest proponent of the private sector and the corporate sector in this country. It’s a shame on all of us and basically opposed to this philosophy enshrined in the budget, many BJP members who clapped while Nirmala ji was speaking did not realise that these people are being taken up the garden path by the corporates and the Finance Minister. They are clapping and I’ll show that she has done nothing for the rural areas. 

The budget is all about selling public sector shares and the target is Rs 1.05 lakh crore. This Government believes in selling the public sector units to make up for Budget deficit. Rs 1.05 lakh crore it is selling. What cut money are you talking about you are selling one lakh crore of Government property to the private sector. Kitna cut money hume pata nahi. This is like selling family silver to run the family.

There is another big promise, Sir, five trillion dollar economy in five years. India will become sixth largest economy. What is the great deal if India overtakes Britain or France or Germany or Japan. They are small countries with a miniscule population, our country with a big population will naturally have more output but that doesn’t mean we are more advanced. The actual advancement will be measured by the per capita purchasing power, that is never mentioned by the Finance Minister. 

Sir, the Budget talks about sale of or closure of 42 central PSU’s. Jawaharlal Nehru had said that public sector will be at the commanding heights of economy. This Government has already handed over three airports including Ahmedabad to the Adani’s. It talks of disinvesting Air India, the BSNL is on the point of being sold. This is the economics of these people. 

The Budget talks of schemes and programs which have been talked about in the past. GST, Insolvency and Bankruptcy Code, Real Estate Regulation Act, Mudra Loans, Ujjwala gas connections and Saubhagya electric connections. It does not mention that those who got Ujjwala connections do not have the money to have a refill. It talks about Swacch Bharat Abhiyan, PMGSY, Bharat Mala and Sagar Mala projects, but no mention of new goals. 

So, this budget talks of PPP in state owned railways to accomplish faster developments, completion of tracks, no list of manufacturing and developing passengers for this. Rail is PPP hone ja raha hain, private hand mein ja raha hain. Budget speaks of building infrastructure through PPP, on that owned by Central Government and Central PSUs. Central PSUs ja zameen bhi ja raha hain. It talks of opening up FDI in aviation, media and insurance sector.  Air India bhi jayega foreign ke paas. Sir, 100 percent in inter insurance mediaries.

 Sir, labour court will be changed. Does it mean hire and fire? Then the working class will protest. Sir, the Budget speech has not spoken on how much total NPA of bank seals and how can Banks can come out of the current mess. The Government has spoken of reducing the shares  below 51 percent. Sir, I also want to mention concessions made on electric vehicles. I do not know why they only receives all concessions. Some electric vehicles IT reductions is paid on loans and affordable housing. These are the only two sectors will get some concessions.

 On the other hand, petrol will cost Rs 2.50 more per litre, diesel will cost Rs 2.30 more per litre. Markets are down as never before, because it is a useless budget with no direction. So, naturally stock markets are down. They are saying agriculture hike by 78 percent. This Pradhan Mantri Kisan Samman Nidhi fund of Rs 75,000 Crore given to agriculture, you are saying kisan ko, gaon ko diya gaya. Kahaan? Ek paisa bhi nahi badhaya gaya. Sir, aap jante hain MGNREGA allocation is down by Rs 51000 crore,