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With just hours to go before the Union Budget is presented in Parliament, Congress MP Manish Tewari on Saturday criticized the annual budget process, calling it 'nothing more than an accounting exercise' that simply tracks government earnings and expenditures.
In a post on X, Tewari argued that over the years, the budget has turned into a grandstanding ritual for the Finance Minister, comparing it to the President's address, and suggested that the government's income and expenditure statement could simply be presented in the House. "What is a budget? It is nothing more than an accounting exercise. How much did Government earn and how much did it spend. Over the years it has evolved into an annual grandstanding ritual for the Finance Minister. It is as useless a ritual as the President address. The income and expenditure statement of the government can just be laid on the floor of the house," the Congress MP posted on X. Congress MP Manickam Tagore called on the Union Government to change its policy alleging that the super rich are getting richer. "We all know that India's economy is in a different stage now. Employment numbers are going down and urban spending has also gone down. The super-rich are getting super money while middle-class people are suffering. We expect that the govt will change its policy and address the people's pain," he said. Meanwhile, the Economic Survey tabled in Parliament on Friday pojected India's economy to grow between 6.3 per cent and 6.8 per cent in the next financial year 2025-26. The survey, tabled a day before the union budget, highlights that the country's economic fundamentals remain strong, supported by a stable external account, fiscal consolidation, and private consumption.It noted that the government plans to strengthen long-term industrial growth by focusing on research and development (R&D), micro, small, and medium enterprises (MSMEs), and capital goods. These measures aim to enhance productivity, innovation, and global competitiveness. "The fundamentals of the domestic economy remain robust, with a strong external account, calibrated fiscal consolidation and stable private consumption. On balance of these considerations, we expect that the growth in FY26 would be between 6.3 and 6.8 per cent," it said. The survey noted that food inflation is expected to ease in Q4 FY25 due to the seasonal decline in vegetable prices and the arrival of the Kharif harvest. A good Rabi production is also expected to help keep food prices in check in the first half of FY26. However, adverse weather conditions and rising international agricultural prices pose risks to inflation. (ANI)
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