Aam Aadmi Party (AAP) Rajya Sabha MP Raghav Chadha recently made scathing remarks towards the Union government's Budget for the fiscal year 2024-25. Chadha accused the government of burdening the common people of India with excessive taxes over the past decade without providing adequate services in return, drawing a comparison between tax payments and service quality in India versus countries like England and Somalia.
During his speech in Parliament on July 25, Chadha highlighted various issues he found concerning in the Budget. One key criticism was the government's decision to eliminate indexation benefits on the sale of old property, which he argued could lead to an increase in illicit funds entering the real estate sector. Additionally, Chadha pointed out that the budgetary measures had failed to meet the expectations and needs of various segments of society, including supporters of the ruling Bharatiya Janata Party (BJP).
The AAP MP also raised concerns about the current economic policies and their impact on the country's financial landscape. He linked the BJP's decreased number of seats in the Lok Sabha to economic factors, citing issues such as reduced rural income growth, rising inflation, unemployment, and difficulties faced by farmers. Chadha criticized the government for not fulfilling promises related to farmer income and MSP, leading to a decline in rural wages over the past two years.
Furthermore, Chadha presented a list of eight suggestions aimed at a comprehensive review of the Budget, focusing on areas such as agricultural pricing, MSP guarantees, financial incentives, GST reforms, and federalism. He called for the restoration of indexation on long-term capital gains, warning that its removal could disincentivize investors and negatively impact the real estate sector. Throughout his address, the AAP MP emphasized the need for a reevaluation of the current tax framework and suggested various measures to address the economic challenges facing the country.