The National Secretariat of the Communist Party of India issued the following statement today (on July 23, 2024):
The Union Budget for 2024-25 is a deceitful exercise in hiding the failures of the last 10 years of BJP-rule behind global policy uncertainties. BJP’s pro-corporate policymaking and torturous decisions have resulted in widespread miseries for the common people and government is trying to shamelessly mask its failures on external developments in a period where crude oil prices have remained favourable than before.
The Budget also shows that the BJP is uncertain about the survival of the NDA Government and trying to placate its allies from Bihar and Andhra Pradesh to continue in power. While the CPI has nothing against Bihar or Andhra Pradesh getting major allocations, the Union Government has ignored legitimate demands from states like Kerala, Tamil Nadu and Odisha, including funds for flood relief. States should be equal in the eyes of the Union with objective criterion for allocation of funds, the way it was with the Planning Commission.
BJP has again made rhetoric on job creation but has failed massively in execution. PM Modi promised 2 crore jobs per year a decade ago. That should have totalled 20 crore jobs till now but Budget 2024-25 has come up with new Jumlas on skilling 20 lakh youth in 5 years and giving internship opportunity to 1 crore youth in 5 years. Youth is restive because of unemployment but for the BJP, only rhetoric is important. Allocations for education, health and other social welfare schemes have remained stagnant.
Corporate tax for foreign companies is reduced from 40% to 35% but nothing is there for the common people. Domestic corporates are also being taxed at lower rates. As the Economic Survey said, corporates profits have grown four-times but the government is not taxing them in a show of loyalty. The share of indirect taxes in government receipts is more than corporate tax, which shows that the government is burdening the common people. Budget has made it clear that the government only makes noise on youth, women, poor and farmers, while furthering corporate interest exclusively.