Former Finance Minister P Chidambaram Addresses Media: Highlights

Congress leader and former Finance Minister P Chidambaram spoke on the Union Budget 2016-17 that was presented today. Below are the highlights:

• First impressions on the budget, haven't had a chance to go through it thoroughly
• Big takeaway for the citizen? No big idea.
• The first two NDA budgets were forgettable
• NDA followed its own brand of budget making (housekeeping and accounting)
• Happy that the government has achieved the fiscal deficit target this year
• I am happy that the UPA schemes have been continued but the crucial problem is price
• There is no major initiative in increasing productivity of crucial crops
• The government is unaware of problems of the core sectors- power, steel mining, cement, oil and gas. Many projects are stranded and there is little new investment.
• There is no mention of exports. I think after 14 consecutive months of negative growth, he government has given up on exports front
• Lukewarm reference GST. No promise to accommodate legitimate criticism of Opposition
• Clearly the budget was expected to be political, I am not surprised
• It is the third budget of a the government which presented two forgettable budgets. We expected a political budget, I am not surprised
• One of the main reasons for acute distress in rural area is farmers are not getting fair and remunerative price
• In many cases there was very poor increase in Minimum Support Price (MSP); in some cases there was zero increase in MSP