Budget made to please industrialists and corporates: Congress

The Congress Party on Saturday criticised the Union Budget 2015 as just a 'vision document' stating that it was made to please corporates and industrialists.

"This is a vision document just the way railway budget was. There are no spending for the poor and no program for them. This budget has been made just to please the corporates and the industrialists. It has been made to please those states which are going to polls," Mallikarjuna Kharge said.

Another Congress leader P C Chacko, criticized the budget saying that it lacks innovative ideas.

"If anybody expected anything new, some innovative ideas, I don't think it was there. This is the same which every Finance Minister deals with, there is nothing innovative. For any country to develop, research is important; there is nothing for research and development. Without research 'make in India' will also not succeed," Chacko said.

Finance Minister Arun Jaitley presented Budget for the fiscal 2015-16 in the Parliament earlier today.

The Finance Minister announced a host of measures including the slashing of corporate tax to 25 per cent from 30 percent over the next four years and the deferring of the General Anti-Avoidance Rules or GAAR by two years.

He also announced that the government will target a 3.9 per cent fiscal deficit for year starting April 1, 2015, adding that the real GDP growth is expected to be 7.4 percent.

Prime Minister Narendra Modi has hailed the Union Budget for 2015-16 as a budget with a clear vision, and one that is progressive, positive, practical, pragmatic and prudent.