Hyderabad: Former union minister S Jaipal Reddy termed the Union budget as a ‘tremendous flop’ particularly in view of the losses inflicted by the demonetisation. “It is deeply disappointing and comes as an anti-climax,” he said.
Speaking to presspersons here on Thursday, Reddy said there was nothing remarkable about the budget which was presented in a routine manner — devoid of style and substance. Prime Minister Narendra Modi was very excited when the high value currency notes were banned. “Now, he looks like a punctured tyre,” Reddy remarked.
Post demonetization, the economic activity had taken a dent. Consumption had fallen, there was huge underutilisation of installed capacity by industries and the job market had become dull. Yet the budget outlined no measures to revive the economy. The Finance Minister failed to address the concerns of the people about the demonetisation.
There was nothing in the budget for Telangana which suffered a lot due to note ban. Chief Minister K Chandrashekhar Rao, who supported the move, should tell how it benefited the State, Reddy said.
The GDP, he said, would register one per cent loss which in terms of money worked out to Rs 1.50 lakh crore. According to the Centre for Monitoring Indian Economy (CMIE), the loss would be 2 per cent for the next five years and this meant loss of Rs 15 lakh crore. The budget did not mention about sanction of new railway lines or irrigation projects necessary to push the economic activity. “It is an insipid budget which belied hopes of people,” the Congress leader said.