Budget prepared to make 'crony capitalists' richer: Congress targets government
Ahead of the budget session, the Congress targeted the central government, alleging that it would be aimed at making a few "crony capitalists richer" rather than addressing actual concerns. Party spokesperson Supriya Shrinate claimed that the budget, due to be presented by Finance Minister Nirmala Sitharaman on Tuesday, is being designed to build monopolies in various sectors. Shrinate questioned whether Sitharaman had considered struggling families, women grappling with inflation, underpaid farmers, or youth affected by paper leaks while preparing it.
Shrinate highlights economic concerns, increasing monopolies
Addressing a press conference, Shrinate presented economic data indicating that foreign direct investment (FDI) in India is dwindling and the country has a trade deficit with nine of its top 10 trading partners. She also pointed out an increase in monopolies in sectors such as cement, telecom, aviation, and tires. Citing a Local Circles report, Shrinate stated that 48% of Indian families are facing financial crises due to decreased income and increased reliance on savings.
Rising inequality and inflation: Shrinate's key concerns
Shrinate highlighted the alarming rate of economic inequality in India, stating that 1% of the population controls 40% of the nation's wealth, a disparity worse than during British rule. She also drew attention to rising food inflation, which has consistently remained above 9%, with vegetable prices increasing by over 30%. "So the question is: will this budget be able to stop inflation?" she asked.
Shrinate points to decreased sales, increased household debt
The Congress spokesperson also directed attention toward fast-moving consumer goods, stating that despite price cuts, sales have halved in April and May. She mentioned an inventory of unsold vehicles worth ₹60,000 crore due to inflation. She further stated that household debt has risen to 41% of GDP while household savings have fallen to less than 6% of GDP, questioning whether the budget would address these issues.
Shrinate criticizes government's handling of fuel prices, agriculture
Regarding the prices of petrol and diesel, Shrinate said they have not decreased despite five major companies saving about 900 billion rupees by purchasing cheap oil from Russia. She also pointed out that the growth rate of agriculture in the financial year 2024 was a mere 1.4% compared to 4.7% in the previous year, claiming that the Narendra Modi government has continuously reduced the budget for this sector.
