In this year’s central budget, FDI limit has been increased to 49% in defense and insurance sector. The importance of PPP has been increased in construction industry. There are huge budget cuts in agriculture, rural development and social security sectors. Subsidies for the common people have been reduced. At the same time, huge benefits have been allowed for foreign investment. In this year’s budget, there is a proposal of 7525 crores of indirect tax on common people. In last year, the UPA government has provisioned for Rs. 6,80,123 crores for social securities. In this budget, the provision for social security sector has been reduced to Rs. 4,84,523 crores i.e, a reduction of almost 2 lakh crores in social security sector. Similarly the budget proposal for Women welfare and minorities development have been reduced. There is almost no allocation in the development of minority dominated territories. An uncertainty has been created in rural employment generation scheme – NREGA. The upper limit of FDI in Health insurance has been increased to 49%. Thus, after coming to power, Narendra Modi led government is returning the favour that they have received the from corporate sector during the last parliamentary election. This budget has failed to give direction for employment and job creation. Also there is no direction to stop the inflation hitting the common people across India.
Posted on: Thu, 24 Jul 2014 19:23:03 +0000
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