Aam Aadmi Party MP Raghav Chadha Criticizes Union Budget 2024-25
Aam Aadmi Party (AAP) Rajya Sabha MP Raghav Chadha launched a scathing attack on the Union government's Budget 2024-25, stating that Indian citizens "pay taxes like England to get services like Somalia."
Chadha's criticism focused on several aspects of the budget. He argued that the government's decision to remove indexation benefit on the sale of old property would encourage the inflow of black money. He also highlighted the government's economic policies as a major factor behind the BJP's reduced number of seats in the Lok Sabha.
Chadha further pointed out the decadal low growth in rural income and attributed it to rising rural inflation, unemployment, low crop yield, and income inequality. He also criticized the government's failure to fulfill its promises to double farmers' income and provide MSP as per the Swaminathan Commission.
Regarding the removal of indexation on long-term capital gains, Chadha argued that it would discourage investors and lead to excessive corruption in the real estate sector. He urged the government to reconsider this decision and instead incentivize financial savings in debt, equity, mutual funds, and bank deposits.
Reworking the agricultural pricing formula to ensure a minimum reserve price for farmers selling their crops in the open market.
Providing a legal guarantee to MSP in accordance with the Swaminathan Commission report.
Incentivizing financial savings in various forms.
Reviewing, revising, and simplifying GST, including reducing it in export-oriented sectors.
Implementing cooperative federalism and providing more resources to all states.
Continuing GST compensation to states for at least five more years.
Chadha's criticism reflects the concerns of many citizens regarding the government's economic policies and their impact on various sections of society. His suggestions for a comprehensive review of the budget offer potential solutions to address these concerns and promote inclusive economic growth.