You are here: Home » Budget » News » Economy
Business Standard

Budget should not be kept secret anymore: Sinha

He said he had broken the tradition of reading out the Budget Speech in the evening when he was the Finance Minister

Press Trust of India  |  Kolkata 

Former Finance Minister and senior BJP leader Yashwant Sinha today said the Union document should not be treated as something secret any longer.

"We are at a matured stage of democracy and in my opinion there are no secrets in the budgetary documents, a tradition which has been continuing for years," Sinha said at an event organised by MCCI here..

Read our full coverage on Union Budget

He said that he had broken the tradition of reading out the Speech in the evening when he was the Finance Minister.

Now, this tradition needed to be broken, Sinha said.

Once the DTC and GST were introduced, the entire Speech would become irrelevant, he said.

Sinha said that the practice should be that the Finance Minister should make some proposals in the Budget which should then be discussed in Parliament and then finalized at a later session.

Sinha's son Jayant Sinha is a Minister of State for Finance.

Yashwant Sinha expressed some disappointment regarding the fiscal consolidation roadmap spelt out in the Budget.

He said that Finance Minister Arun Jaitley had said in the speech that fiscal deficit would be brought to three per cent of GDP over a period of three years.

"This is a case for worry and there are no talks for completely eliminating the revenue deficit," he said.

"I had introduced the FRBM Act in 2003 when I was the Finance Minister for fiscal consolidation. If the legislation needs to be dumped now, then do it," he said.

He also said that the Budget had created a perception that the middle class people were given a raw deal as there were no changes in income tax rates while a roadmap for lowering corporate taxes by five years over four years had been presented.

Sinha said that on the whole, the Budget had good growth impulses and was a "comprehensive one".

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, March 03 2015. 19:13 IST