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Former Union finance minister, Congress's P Chidambaram, today ripped into the Union Budget 2025, criticising it on multiple heads including the biggest talking point -- the income tax rebate to the middle class. He also trashed the possibility of the budget boosting private investment, saying given the current scenario of excessive regulations and "weaponisation" of central agencies, investors are finding other nations more attractive.
Asked about the tax proposed rebates that will kick in soon, Mr Chidambaram called it a "clever move intended to attract the attention of the voters of Delhi and Bihar".
Underscoring he had "no complaints" about the relief to tax payers, he said this much lauded initiative will only benefit 3.2 crore people in that tax bracket. "What happens to the rest 140 crore people? What about the rest," he questioned.
"If you cut GST, reduced taxes on petrol and diesel, increased MNREGA wages it would have benefitted more people," he added.
He also thumbs downed on the introduction of new schemes, saying why it was required when the existing schemes are "underfunded or underutilised".
Moreover, he said that allocation expenditure number is not giving him "optimism".
"For example, revenue receipts are down by 41,240 crore. revised net tax receipts are lower by 26,439 crore," he added, pointing out that the growth figures will be the same as last year. "Neither the finance minister not Chief Economic Advisor can say because of this budget, the growth figure will rise next year to 8 per cent... The money in key sectors remain underspent. Not sure of the capacity of such a government," he added.
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