New Delhi: Initiating the debate on the Finance Bill in the Rajya Sabha on Wednesday, senior Congress MP T. Subbarami Reddy attacked the BJP-led NDA government for presenting a budget that lacked clarity.
“Even though they had given hopes of transforming the country, they could not give clarity in the Budget,” Mr Reddy said.
The senior Congress leader pointed out that though the Finance Bill had been passed in the Lok Sabha last week, there were still areas of concern.
“A number of schemes that have been announced look attractive but there is no clarity on how funds will be made available for their successful implementation,” he said, while pointing towards ambitious schemes announced in the Budget like developing 100 smart cities, Deendayal Upadhyaya Gram Jyoti Yojana and four AIIMS-like institutions and five IITs .
He expressed happiness at the Centre’s proposal for granting an IIT to Andhra Pradesh and asked the Union government to treat Telangana and AP equally while allocating funds and schemes.
Mr Reddy stated that the biggest challenge before the Centre was eradication of poverty and employment generation. “More jobs cannot be generated unless industrial activity is promoted in the country. Generate more economic activities, you must have more industrial and manufacturing activities. The industry is inter-linked with the rate of interest, availability of finance from banks and financial institutions and environmental clearance. If industry is doing well, you will get more revenue,” Mr Reddy said.
He said that there was a need to address inflation and high interest rates for banks in a different way as these two issues are inter-linked for industrial growth.
“Inflation cannot be controlled by raising interest rates to banks alone, there are other ways like improving supply side, it is right time for the government to discuss the issue with the RBI and settle it,” he said.
He also suggested that there was a need to establish institutes that can provide long-term funds to developmental projects in sectors like power as existing banks have limitations in doing so.
Mr Reddy also expressed concern over the drastic reduction in Budgetary allocations for the social sector and school education.
The Congress MP appreciated the Centre for taking up the “difficult task” of inter-linking of rivers project and also continuing some of the UPA government’s schemes.
Mr Reddy reminded Prime Minister Narendra Modi to fulfil the poll promise of setting up the state capital in Andhra Pradesh on the lines of Delhi. “He made this promise in Tirupati. He should fulfil the promise. Otherwise, Lord Venkateswara will be angry,” he said.
Appreciating the Manmohan Singh government for initiating glorious economic reforms which were acknowledged globally, he rued the fact that it had failed to communicate this to the people. He also said that the UPA had many plans to experiment in the areas of power and petrol but could not take it forward as “the BJP miraculously came to power.”
