In an exclusive interview with India News Manch on Monday, Congress MP Manish Tewari shared his sharp critique of the central government’s recently presented Union Budget 2024. The interview delved into Tewari’s concerns regarding the financial policies of the incumbent BJP government.
Tewari, speaking on the fundamental principles of the budget, described it as essentially a reflection of the government’s earnings and expenditures. He pointed out that while the government’s earnings are projected at ₹31 lakh crore, the fiscal deficit stands at a troubling ₹16 lakh crore. This, according to Tewari, is a significant concern.
Drawing a stark comparison over the past decade, Tewari highlighted the surge in government debt. “From 2014 to 2024, the loan burden on the BJP government has surged by ₹113 lakh crore,” he noted. In 2013, the loan under the current government was ₹55 lakh crore, but it has now ballooned to ₹180 lakh crore by 2024.
Tewari elaborated on the budget’s dual aspects: revenue expenditure, which covers daily operational costs, and capital expenditure, which is meant for future investments. He criticized the government for failing to clarify whether the escalating loans are being used for capital or revenue expenditure. “For the past five years, I have been asking the government whether the increasing loans are for capital or revenue expenditure, and they have yet to provide a satisfactory answer,” he said.
The Congress MP emphasized that the fiscal deficit remains the most pressing issue. He claimed that the budget fails to benefit key demographics such as farmers, young people, and the middle class. “Nobody gains anything from this budget—not farmers, youngsters, or the middle class,” Tewari asserted.
Addressing concerns about taxation policies, Tewari commented on the government’s decision to reduce long-term capital gains taxes. He argued that this change disadvantages individuals looking to sell inherited land while benefiting those selling newly acquired properties. “The reduction in long-term capital gains means those selling ancestral land will be at a loss compared to those selling newly acquired lands,” Tewari explained.
Tewari also criticized the perceived favoritism in the budget towards Bihar and Telangana, questioning why other states are overlooked. “There are 28 states in the country, and yet the budget seems biased towards Bihar and Telangana. Why are the other states ignored?” he queried.
The Congress MP concluded that the Union Budget 2024 seems more about safeguarding the government’s position rather than addressing broader national interests. He characterized it as a “save government budget,” suggesting that it primarily serves the coalition party’s interests.
Tewari also questioned why Bihar, which has long demanded a special package, has only received it now, further underlining what he views as the budget’s selective approach.
The interview provided a platform for Tewari to voice his party’s criticisms and highlighted the broader debate on the fiscal policies of the BJP-led central government.
