Chidambaram terms Budget 2020 a 'laundry list of old schemes' & 'no fiscal consolidation'

Claiming that the new Budget present by Finance Minister Nirmala Sitharaman was lackluster, former Finance Minister P Chidambaram on Saturday said it was a 'laundry list of old programmes'. Moreover, he claimed that not even the most loyal BJP supporter could latch onto a particular idea of the budget. The senior Congress leader also opined that the government was not doing anything on fiscal consolidation as they were not meeting expenditure.

As FM Sitharaman presents Budget 2020, Congress presents 'Government's failures'

Chidambaram: 'laundry list of old schemes'

"It is a laundry list of old programmes; even most loyal BJP supporters cannot latch on to any idea in the Budget speech. The budget is also not speaking on employment. This govt has given up on fiscal consolidation. In 2019-20, the Finance Minister failed to meet any of the key Budget Estimate targets — nominal GDP growth, fiscal deficit, net tax revenue collection, disinvestment revenue or total expenditure. ," he said at a post-budget Congress press conference.

Cong slams budget as 'insipid' and lacking in stimulus for growth

Congress slams budget

While the Finance Minister was presenting the budget, Congress leaders Jaiveer Shergill and Anand Sharma condemned the Union Budget 2020, pointing out the 'flaws'. Moreover the party also Nirmala Sitharaman's recitation of a Kashmiri poem, saying that it would not compensate for the trade loss, job losses than incurred since the abrogation of Article 370 last year. Gandhi scion Rahul Gandhi termed the budget speech as 'Lot of repetition, lot of rambling, nothing concrete'.

Budget 2020 increases depositors' insurance cover to 5 lakh; Centre to sell IDBI stake

Union Budget 2020

Union Finance minister Nirmala Sitharaman tabled the Union Budget for the year 2020-2021 on Saturday. Delivering the longest budget speech for over 160 minutes, Sitharaman announced a number of schemes and policies aimed at strengthening the economy under the Modi government. In a major decision, the Finance Minister announced a Life Insurance Corporation of India (LIC) will be listed as part of the government disinvestment initiative and the government will sell also its stake in the IDBI bank. 

'How long was it? Repetition, rambling, all talk all talk...': Rahul Gandhi on Budget 2020

The government also announced a new 'optional' tax regime by slashing income tax rates and abolished DDT. To safeguard investors she also announced an increase in insurance cover for each depositor from Rs 1 lakh to Rs 5 lakh.  The Finance Minister said that the three themes on which the Budget 2020 was based were: aspirational, economic development, caring society.