'Union Budget 2021 favours corporates, disregards common people'

Kerala Chief Minister Pinarayi Vijayan stated that the Centre favours corporates in the Budget 2021. There is no hike in pension, reduction of Income Tax, allocation for small and medium enterprises and aid for financially struggling ones in the wake of COVID pandemic, he pointed out.

Thiruvananthapuram: Responding to Union Budget 2021, presented by Finance Minister Nirmala Sitharaman, Kerala Chief Minister Pinarayi Vijayan said it favours the corporates while it does not address the concerns of a common person. Union Budget is a reflection of the NDA government's announcement that they would implement neo-liberal processes with unprecedented force, he said.

The Centre bestows the nation to commercial interests as the Budget pointed out privatisation of many public sectors as well as increasing FDI in the insurance sector. It pauses challenge before the people.

The Centre also reinforces that it would only pave the path for corporates, disregard the farm sector by implementing the farm laws. Talks with farmers' unions were for the namesake and the Centre implicitly stated that there is no intention to scrap the farm laws through this Budget.

Rather than giving subsidy to farmers, the Budget would result in more debt for farmers. The Budget does not resolve their problems, whereas it would worsen the problems in the farm sector, he added. The Centre is not even willing to address the farmers' prolonged demand for Minimum Support Price as per the formula of C2 + 50%.

Further, the Budget does not provide any relief to people who are struggling financially in the wake of COVID-19 pandemic. The Budget does not point out a hike in pension, reduction of Income Tax, the allocation for small and medium enterprises. Saddening the public, the Budget has put forth that persisting economic inequality would widen in India.

Fuel cess has been introduced for petrol and diesel under the name of Farm Cess. It will only increase inflation and push the public into more financial hardship. Today, there are proposals to increase the prices of iron, steel and electricity. This, in turn, will adversely affect the construction sector, which employs a very large section of the population.

Development Finance Institution would be set by the Centre for developing the basic amenities. It is also inferred that private investment would be sought for the institution. It should be noted that those who stated KIIFB as unconstitutional has followed its policy.

The Chief Minister said it was disappointing that despite the Indian economy going through a major crisis, there were no measures in place to stimulate the country's economy and bring more money into the hands of the people.