look news india
Ranchi, July 24 (HS). CPI-M Politburo member Brinda Karat said that the Union Budget is a regressive and economic contractionary budget. She said that in the context of economic realities like high unemployment, high rate of food inflation, unprecedented rise in inequality and slowdown in private investment, the budget should have focused itself on expanding economic activities. Instead, its proposals are economically contractionary and regressive. It will only impose more troubles on the public and will reduce the levels of investment and employment generation.
Karat was speaking at a press conference at the party Bundu on Wednesday. She said the budget figures show that the government's revenue income has increased by 14.5 per cent, while its expenditure has increased by only 5.94 per cent. Instead of using these revenues to expand economic activities, they have been used to reduce the fiscal deficit, reducing it from 5.8 per cent of GDP to 4.9 per cent, to appease international financial capital.