CPI(M) slams ‘neo-liberal, pro-rich’ budget

CPI(M) politburo member Sitaram Yechury slammed the neo-liberal trajectory followed by finance minister Pranab Mukherjee.

“The seven reform bills he proposes to introduce this year are the ones that were put off by UPA-I under CPM pressure. Later, it was asserted that the government was able to insulate our economy from the global meltdown because of the higher stake of the public sector in financial institutions. So, we may have been the devil, but at least the devil should be given its due,” he said.

Calling the budget pro-rich and anti-poor, Yechury said: “There is just one indicator to prove this point. In the last three budgets, the government suffered a revenue loss of Rs4 lakh-crore by offering tax rebates to corporates. The argument that it stimulates growth is not relevant, because the same amount could have been more gainfully utilised in developing infrastructure, which would have led to more jobs and higher growth,” he said.