The Union Budget-2024, presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on July 23 (Tuesday), has evoked mixed response from political parties, trade unions and trade bodies.
CPI(M) State leader Ch. Narasinga Rao described the budget as a ‘big disappointment’ and ‘anti-public sector’. A.P. had been given a raw deal despite the TDP and the JSP being partners in the NDA government at the Centre. The budget reflects the policies of the BJP. The Finance Minister had talked of ₹50,000 crore disinvestment in the public sector, while remaining silent on the demand for revocation of the decision on strategic sale of the Visakhapatnam Steel Plant (VSP).
The budget had also failed to announce funds for the early operationalisation of the Visakhapatnam-headquartered South Coast Railway (SCoR) Zone, which was announced before the 2019 general elections. Decrying the failure to hike the budget for education and health sectors, Mr. Narasinga Rao said experts in the fields of education and health had been asking for allocation of 2.5% in the budget for these sectors but no increase had been made.
There was no assurance on the filling up of vacant posts in the public sector. In the railways alone, there were 3 lakh vacancies, including those in the safety category, which were not being filled, he said.
‘No clarity on funds’
CPI(M) State secretariat member K. Lokanadham said that the Union budget had ‘once again deceived A.P.’ by failing to give clarity on the amount of funds allocated to the State. It would have been better, if the Centre had announced ₹15,000 crore as grant for the development of the capital, instead of financial support through multilateral agencies.
‘’There is no announcement on funds for the Visakhapatnam Steel Plant (VSP), South Coast Railway Zone and Vizag Metro Rail project,’‘ Mr. Lokanadham said, adding that the Centre had been doing ‘injustice’ to A.P. and North Andhra for the past 10 years. He demanded that the State government should exert pressure on the Centre to safeguard the interests of A.P.
BJP senior leader G.V.L. Narasimha Rao thanked Prime Minister Narendra Modi for “special allocations to A.P.” in the Union Budget and said it was made possible due to the ‘double engine sarkar’. He also expressed his gratitude to the Centre for its commitment to the completion of the Polavaram project, funds for infrastructure development in A.P. and development grants for the backward districts of North Andhra, Rayalaseema and Prakasam.
‘Will spur economic activity’
Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) hailed the budget. FAPCCI president Mallikharjuna Rao Kankatala said that the allocations to agriculture, and the priorities to employment and skilling, social justice, manufacturing and services, urban development, energy security, infrastructure, and research and development would spur economic activity.
C.V. Atchut Rao, past president, welcomed the budget stating that the strategic allocations to various sectors aimed to establish India as a ‘global logistics hub and manufacturing powerhouse’.
Srinath Chittoori, chairman, AP Chambers, Vizag Zone, said that the focus on capital expenditure with an allocation of ₹11.1 lakh crore for infrastructure development would create jobs. “The Finance Minister did a fine balancing act by maintaining fiscal discipline and containing the fiscal deficit at 4.9% of GDP for the current fiscal,” he added.
‘Growth-oriented’
M. Rama Rao, chairman, Banking and Taxation Sub-Committee of AP Chambers, described the budget as ‘growth oriented’ as it covered employment generation, industrial development and skill development, besides increasing the limit of Mudra loans to ₹20 lakh and allocation of ₹2.66 lakh crore for rural development among other things.
Y. Geeta Srikanth, chairperson, women’s wing, AP Chambers, hailed the Prime Minister’s package for employment and skilling of 4.1 crore youth, over a five-year period, facilitating higher participation of women in the workforce by establishment of working women hostels and crèches.