The Union Budget was placed by the Finance Minister in the Parliament on Friday 16th March 2012. Right in the beginning of his speech he mentioned that there has been a growth slowdown in the economy, the rate of inflation remained high and the fiscal deficit overshot the target. Given this situation of the economy, it was hoped that the budget will address these problems. The article tries to analyze how far the Finance Minister has been successful in providing solutions to these problems.
Politburo Member of the Communist Party of India (Marxist), Brinda Karat remarks on the Union Budget and its iniquitous nature. The following is a transcript of her speech in the Rajya Sabha during the discussion of the Union Budget.
The Union Budget is deeply rooted in a pro-rich class bias. The Congress is back to serving its core class interests.
The Budget placed by the Finance Minister in Parliament today is grossly inadequate in meeting the challenges of economic recession, growing job losses and declining purchasing power of the masses. This Budget, far from meeting the requirements of the people will further widen the gap between the haves and the have-nots. The CPI (M) calls upon the people to be prepared for struggles to protect and improve their livelihoods.