TMC calls budget an ‘election stunt’, slams Bengal’s ‘economic betrayal’
Times of India | 2 February 2025
Kolkata: Trinamool on Saturday criticised the Union Budget, saying that relief to the middle class in taxes would be nothing but a misnomer if price rise and inflation were not arrested immediately. Calling the 100% FDI in insurance move "dangerous", TMC said the budget was aimed at merely providing sops to Bihar ahead of assembly polls.
TMC national secretary Abhishek Banerjee said: "The NDA govt has once again laid bare its utter disregard for people with a budget that reeks of political opportunism.Budget 2025 UpdatesNew vs old income tax regime after Budget 2025: Post income tax slab changes, which tax regime is better for salaried middle class taxpayers?Latest income tax slabs FY 2025-26Income Tax Slabs Budget 2025 Live Updates: No income tax up to Rs 12 lakh incomeThis is not a people-centric budget, it is an election stunt designed to bankroll BJP's electoral machinery and appease its allies."
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The TMC national secretary said this was "yet another reminder that for BJP, Bengal exists only as a political battleground, not as a state deserving of its rightful dues. People of Bengal will not forget, people of Bengal will not forgive," he said.
Amit Mitra, the Bengal CM's principal chief adviser on finance, called the Union Budget a disaster for the common people, asking why crucial sectors like welfare and social sectors like housing saw cuts. "Social services cut by 16%. Housing cut by 4.38%. Welfare of SCs and STs cut by over 3 per cent. Social services and welfare cut by over 5%. Even food subsidy was cut by 1 per cent," he said.
"There is nothing for youth, women and farmers," Mitra said. "Youth unemployment is 46%, out of which 30% are educated youths who are at least graduates," he said, quoting CMIE data that put unemployment at 37 million between Oct and Dec.
"Manufacturing is only 15% of GDP, and the promise was to take it to 25%. If manufacturing sector remains at 15%, how will you get higher growth?" asked Bengal's former finance minister.
Mitra also attacked Nirmala Sitharaman's announcement to allow 100% FDI in insurance. "This will be a challenge to all public sector enterprises like LIC and a host of other insurance companies, including Indian private sector companies."
"When Bengal asked for GST to be reduced on insurance, including life insurance, from 18% to zero, central govt did not allow it but postponed it," he said. Mitra also commented on the tax sop. "Those with an income of Rs 12 lakh will not pay taxes. But there's nothing in the budget to control inflation."
Trinamool spokesperson Kunal Ghosh said: "This is just an AP and Bihar ‘gift' budget to save the chair. Bengal has been deprived."