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Budget favours foreign capital: Yechury

Our Bureau New Delhi | Updated on February 02, 2021

CPI(M) general secretary Sitaram Yechury   -  PTI

‘Suggestion to raise ₹ 1.75-lakh crore by selling public assets is dangerous’

This Budget will not help to create atma nirbharta, but will lead to atma samarpan, CPI(M) general secretary Sitaram Yechury told reporters here on Tuesday.

Commenting on the Budget, he said the entire projection is that this is a self-reliant budget, on the contrary it will take India to a subservient position of international finance capital.

He said the suggestion to raise ₹ 1.75-lakh crore by selling public assets is dangerous. “The Budget prescribes complete loot of national assets including mines, minerals and now freight corridors. Foreign players are now allowed to enter insurance sector and public sector banks are listed for sale. They are selling India’s capital to foreign capitalists. This budget will strengthen the subservience of India,” he said.

Job creation

He said more investment, even if it takes place, will take time to produce something and sell it in market. He said the producing power of people is so low that the Centre should have invested in public infrastructure to create jobs. “Once these youth start spending, demand will be created,” Yechury said and added that more concessions to rich will further damage the economy.

He said the Centre increased its revenues at the expense of the States. He said the cess and surcharges are not divisible and the Centre frequently imposes such cess on people. “The shareable pool of revenues is reduced and the cess has increased,” he said. He said the States are going to be starved, he said and added it will have an impact on the dignity and integrity of States and people.

He said the cosmetics of the Budget points that the Centre wants to please the people of States which are going to polls. But none of these are going to be materialised before the polls. It is more or less an electoral gimmick, he added.

He said a number of non-money Bill issues are smuggled into the Finance Bill. “The Centre should adhere to Constitutional positions on money bills. This is being used non discriminatory violating the spirit of Constitution,” he added.

Published on February 02, 2021

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