Budget to boost current recessionary economic scene: Congress

Describing the Union budget as "progressive, inclusive, growth oriented and balanced", the Congress today hoped it would give a fillip and stimulus to the current recessionary economic scenario.  

"There are a lot of things for a lot of sectors for a lot of people. It is progressive, inclusive, growth oriented and balanced," party spokesman Abhishek Singhvi told reporters.  

He said that the first budget of the new government reflects the policies and approach of the UPA with greater move towards transparency — an equitable approach which will give a fillip and stimulus in the current economic scenario.  

Referring to the key provisions of the Budget, Singhvi said it has kept 'Aam Aadmi' (common man) in focus with strengthening of schemes like NREGA, Rural Insurance Scheme, extension of farm loan waiver for another six months and the proposed legislation on food security for poor.  

Lauding the taxation proposals of the budget, particularly extending the income tax exemption limit, he said only the UPA government has given substantial relief to the people while others (BJP) simply talk.

He also pointed to the other significant aspects of the budget like the one-rank-one-pension scheme for Defence personnel, increase in the funds for urban renewal, scrapping of the FBT and starting a new national literacy programme for the women. "UPA's budgets will always harmonise Congress led UPA's conceptions and perceptions of inclusive growth and commitment to marginalised sections," Singhvi said.

Singhvi said that this was the beginning of a new mandate, new thinking, new arithmetic...Which will provide a momentum to growth.  

Asked whether the budget was slow in taking forward the economic reforms even after the Left was out of the picture, the spokesman said that the reforms were started by the Congress several years ago.  

"Is NREGA not a revolutionary reform? Is urban renewal and Bharat Nirman not revolutionary?" he replied.  Singhvi said that the Finance Minister has already said that it was (just) the beginning...There was the whole year to go by (for other schemes).  

The spokesman, himself a senior advocate, refused to comment on the service tax imposed on the law firms. "It is early days to react on it," he said.  

Singhvi, however, hailed the proposal to exempt political funding from taxes saying, it was a "historic and bonafide initiative to change mindset in India and to provide clear initiative for upfront payment to political parties".  

He, however, acknowledged that no one can claim to eliminate all underhand dealings by one stroke of the pen but certainly it provides one an incentive to give accounted money and claim benefits.  

"Lot of parties say (do lip service) but we did this," he said when asked to comment on the BJP's claim that it was the first to take up the issue.

"BJP can take credit for everything...Even for the representations it gives to the government. Fact is that we implemented this," Singhvi said.  

Asked whether the estimated funds expected in the Budget from spectrum allocation was an "admission that there was a goof up earlier", the spokesman said this was a budget estimate and there is no question of admission of any goof up.  

"It is a legitimate expectation in the Budget," he added.  

On a query about the growing fiscal deficit in the country, Singhvi said that expenditure had been made on infrastructure, generating employment and creating demand in the economy.  

He, however, admitted that it has to be brought down and the government was conscious of it.