Budget favours the rich: expert

March 05, 2015 12:00 am | Updated 05:40 am IST - Kozhikode:

The Budget presented by Union Finance Minister Arun Jaitley has cast a shadow of doubt over the future of social security schemes introduced by earlier governments, T.P. Kunhikannan, professor of economics and science movement leader, has said.

Delivering a Budget analysis talk organised by the Bankers Academy for Career Advancement at Chakkorathukulam in the city on Wednesday, Prof. Kunhikannan said that even the future of the decade-old Five Year Plans introduced by the first Prime Minister of India had suddenly been rendered uncertain by the Budget. “It was an exercise meant to please the corporates and the rich in the country,” he said.

Even some seemingly good announcements were not given enough budgetary support, Prof. Kunhikannan said. The new policies would only weaken the Right to Education Act and the National Food Security Act.

Criticising the decision to continue with the market pricing system instead of administrative pricing methods for key commodities, including petroleum products, Prof. Kunhikannan said that the pro-rich bias of the Bharatiya Janata Party government and its Budget was evident from a number of other steps, including the decision to cut direct taxes and raise indirect taxes. “Because, indirect tax is always a burden on the common man,” he said.

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