Budget has disappointed all: Jaipal Reddy

Centre's demonetisation move has not yielded any substantial benefit, he said

The Union Budget has disappointed all sections of society as it failed to provide relief following demonetisation, senior Congress leader S Jaipal Reddy alleged on Thursday.

"This Budget was presented in special circumstances. This is not a routine budget. Because of the circumstances and the backdrop to the Budget, disappointment and despair grew among people," he told reporters.

The demonetisation move has not yielded any substantial benefit, Reddy, a former Union Minister, alleged.

Prime Minister Narendra Modi made no mention of demonetisation in his comments on the Budget after its presentation, Reddy said.

The economic situation in the country deteriorated due to the NDA government's rule in the last two and half years, he claimed.

"Investments have come down. Consumption has declined. There are no new industries and jobs have come down. There is under-utilisation of installed capacity in industries. Our economic situation is very grim and note exchange came in the deteriorated economic situation," he said.

Telangana Chief Minister K Chandrasekhar Rao, who staunchly supported the NDA government's demonetisation move, should explain what benefit accrued because of note ban, he said.

"KCR, who supported note exchange, should explain what benefit came along. He supported such a big step though it did not concern him. Since it miserably failed, he (Rao) should give an explanation. Have you (Rao) achieved anything in this Budget for Telangana? He should explain that also," he said.