Budget with eye on elections: Yashwant Sinha

This is a cleverly drafted, bazigari Budget. It has little to offer to the agriculture and manufacturing sectors and has been drafted with an eye on the coming general elections.

The government has not addressed the issue of fiscal deficit. While it plans to go ahead with the Food Security Bill, only Rs 10,000 crore has been allocated for it. The Bill requires more than Rs 1 lakh crore. Though I personally don't agree with the idea, the government has to explain what steps will be taken to ensure availability of foodgrain, especially in case of drought.

The finance minister has not explained how he intends to raise resources. The problem is that there is a 'trust deficit'; people don't trust the government. The United Progressive Alliance has also not taken enough steps to curtail inflation. The government will collect Rs 18,000 crore from taxes which will affect the people.

But the Bharatiya Janata Party welcomes the rebate of Rs 1 lakh given to people for purchasing houses and supports the move. However, the 14 per cent increase in the defence budget is not enough.

As far as supporting the government in passing the Pension Fund Regulatory and Development Authority and the Insurance Bill goes, P Chidambaram has spoken to senior BJP leaders like Sushma Swaraj, Arun Jaitley and myself, and our party is considering the issue.

Yashwant Sinha

Former finance minister