Union Budget: More Than Just Accounting?

As the Union Budget approaches, Congress MP Manish Tewari criticizes it for being a mere accounting exercise, urging reforms. Meanwhile, an Economic Survey predicts economic growth amid strong fundamentals but highlights challenges like inflation and inequality. Calls for policy changes to address societal pain intensify.

With hours remaining before the Union Budget presentation in Parliament, Congress MP Manish Tewari has expressed criticism, labeling the process as merely an 'accounting exercise'. He argued on social media platform X that the budget has devolved into an annual ritual comparable to the President’s address, suggesting a simpler presentation of government earnings and expenditures in the House. Tewari's comments reflect growing dissatisfaction with the budget’s perceived lack of substantive change.

Fellow Congress MP Manickam Tagore joined the chorus, calling for policy shifts from the Union Government. He highlighted economic issues such as declining employment and urban spending. Tagore emphasized that the super-rich continue to amass wealth while the middle-class suffers, urging the budget to address these economic disparities.

In contrast, the Economic Survey presented in Parliament projected an optimistic growth trajectory for India's economy, ranging between 6.3% and 6.8% for the fiscal year 2025-26. The survey highlighted the resilience of the country's economic fundamentals, noting plans to bolster industrial growth through investments in R&D and support for MSMEs. However, it warned of potential inflation risks due to adverse weather and international price fluctuations.