CPI(M) party workers. Representative image.
Credit: PTI File Photo
New Delhi: Calling the Union Budget a “betrayal” of people, five Left parties on Tuesday proposed “alternative” proposals like introduction of a 4 per cent wealth tax on 200 dollar billionaires, hike in corporate tax and 50 per cent increase in MGNREGA allocation among others to increase the purchasing power of people, generate employment and raising wages to create demand.
CPI(M), CPI, CPI(ML)L, RSP and Forward Bloc also demanded withdrawal of 100 per cent FDI in insurance sector, halt privatisation of PSUs, legal guarantee for MSP, introduction of urban employment guarantee scheme, increase in old-age pensions and other social security measures and outlays for health and education by 3 per cent and 6 per cent of GDP respectively.
Rejecting the “anti-people” proposals in the Budget, they also demanded an increase in the allocation for SC, ST, women and children as well as transfers to the states and funds for centrally sponsored schemes as part of their alternative proposals.
In the statement, top Left leaders Prakash Karat (CPIM), D Raja (CPI), Dipankar Bhattacharya (CPI-MLL), Manoj Bhattacharya (RSP) and G Devarajan (Forward Bloc) said the Budget completely neglected the issue of unemployment and expenditure on food subsidies, agriculture and allied services, education, rural development, social welfare and urban development are stagnant or lower than last year.
“The raising of the income tax exemption limit to Rs 12 lakh has provided relief to a section of the people but a wider number of working people who are suffering from price rise and indirect taxes like GST have been left out,” it said.
“The loss suffered by raising the tax exemption limit could have been met by increasing the rates of taxation on the richer sections and corporates. But the government has chosen not to do so and instead provided a bonanza to the corporate sector and the super-rich,” it said.
The parties accused the government of trying to stimulate the economy by giving concessions to the rich even as expenditures are cut. They would campaign for these measures to be included in the Budget before it is finally adopted and to mobilise support and the parties would conduct a week-long mass campaign between February 14 and 20.
In a joint statement, the parties called for putting “alternative” proposals in the Budget, alleging that the Budget presented last Saturday promotes greater accumulation of wealth by promoting private investment, placing public assets at the service of the private sector and privatisation of the power sector among other things.
“Instead of addressing the problem of demand in the economy due to the lack of purchasing power in the hands of people, mass unemployment and shrinking wages, the Modi government has, through the Budget, sought to stimulate the economy by giving concessions to the rich even as the expenditures are cut,” the statement said.
Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.