Opposition Slams Interim Budget: Short on Substance and Heavy on Rhetoric, Say Critics

 

In a reaction to Finance Minister Nirmala Sitharaman's Interim Budget speech, Congress MP Shashi Tharoor criticized it as one of the briefest in history, asserting that it lacked substance. Tharoor claimed that the speech was heavy on rhetorical language but light on concrete implementation plans, highlighting the absence of specific figures and a failure to address the economy's specific challenges.

Expressing disappointment, Tharoor remarked on the vague language used by Sitharaman, stating that terms like 'confidence' and 'hope' were employed without providing enough concrete details. He further pointed out a decline in foreign investment, challenging the minister's assertion about its positive trajectory.

Shashi Tharoor's sentiments were echoed by Samajwadi Party chief Akhilesh Yadav, who characterized the budget as the Narendra Modi government's farewell budget. Yadav emphasized the need for budgets to be geared towards development and the welfare of the people, criticizing the BJP government's governance record over the past decade.

Congress MP Manish Tewari expressed concern over the budget deficit, calling it a 'vote-on-account' designed to keep the government financially solvent for the first quarter of the fiscal year. Tewari highlighted the worrisome aspect of an ₹18 lakh crore budget deficit, indicating the government's reliance on borrowing for expenditure, with expectations of an increase in the coming year.

In her response, Finance Minister Nirmala Sitharaman addressed concerns about tax rates, assuring that direct and indirect taxes, along with import duties, would remain unchanged. She presented a revised estimate of the fiscal deficit at 5.8% of GDP, emphasizing an improvement despite a moderation in nominal growth estimates.

Sitharaman touted the success of foreign direct investment (FDI) during the period from 2014 to 2023, amounting to ₹596 billion US dollars, double the inflow between 2005 and 2014. She announced ongoing negotiations for bilateral investment treaties to sustain FDI. Looking ahead to the full budget in July, Sitharaman promised a detailed roadmap for the government's pursuit of 'Viksit Bharat' or Developed India.