Budget 2023 keeps mum on how it will enhance income, consumption and spending of large masses, writes Milind Ranade

Budget 2023 keeps mum on how it will enhance income, consumption and spending of large masses, writes Milind Ranade

There is no word on how to improve the human development index. Fundamental rights of people like public transport, health, education, sanitation and drinking water are not addressed.

Milind RanadeUpdated: Wednesday, February 01, 2023, 08:02 PM IST
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The budget is becoming irrelevant for the majority of Indians. It is not for the toiling class The Finance Minister Ms Nirmala Sitharaman has not spoken about how the budget will enhance the income, consumption and spending of the large masses. There is a crisis of consumption when it comes to the working class.

There is no word on how to improve the human development index. Fundamental rights of people like public transport, health, education, sanitation and drinking water are not addressed.

No clarity on Revenue, minimum wage

The budget is also silent about how we are going to meet our revenue side. Our projected fiscal deficit is around 6 percent, the final figure of which will come out only in March. If we do not have revenue, how will we meet welfare activities?

She has not spoken anything on minimum wage or living wage. If the government's declared minimum wage is one fifth of the living wage, then we are pushing the majority of the contract work force below the poverty line. They are giving free rice and wheat, which is good, but what about oil, onion, potato, vegetables and eggs?

Budget says nothing on job creation

In the case of pensioners, there were about 73 lakh EPF pensioners in 1995. At the moment they get a Rs 1,000 pension per month which was decided in 2004-05 and has not been enhanced. Many people have lost jobs and the budget is silent on new job creation. Most jobs are created in the unorganised sector for which we do not have anything from the government.

The salaried class has not seen enough increment consequently their savings are reduced. There is no quality transportation for the masses. The present government wants to legalise the practice of employing bonded laborers by scrapping old labour laws and replacing them with new labour codes

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