Ambush on public institutions, says Mamata
Kolkata: Chief Minister Mamata Banerjee on Saturday slammed the Narendra Modi-led-Central government's proposal to sell a part of its shares in LIC, describing it as a plan to "ambush" the legacy of public institutions.
"I am shocked and appalled to see how the central government plans to ambush the heritage and legacy of public institutions. It's the end of a sense of security. Is it also the end of an era?" Mamata Banerjee tweeted on Saturday, hours after Union Finance Minister Nirmala Sitharaman wrapped up her longest-ever Budget speech in Parliament.
Established in 1956, LIC is fully-owned by the Central government and has the highest market share in the life insurance segment in the country.
The Trinamool Congress chief was not the only Opposition leader to criticise the Union Budget, especially its alleged omission of matters related to employment. "Our youth want jobs. Instead, they got the longest Budget speech in Parliamentary history that said absolutely nothing of consequence. The PM and FM both looked like they have absolutely no clue on what to do next," said Congress leader Rahul Gandhi.
Former Prime Minister Manmohan Singh added that the Budget was "too long to absorb".
Senior Congress leader and former Finance minister P Chidambaram briefed the media after the Budget. He maintained: "There were multiple themes, segments and programmes, leaving the listener dazed and confused. It was a laundry list of old (that is current) programmes… The government has given up on reviving the economy or accelerating the growth rate or promoting private investment or increasing efficiency or creating jobs or winning a greater share of world trade."
"The Indian economy is demand-constrained and investment-starved. The FM has not acknowledged these two challenges, and that is a pity," he said, adding that the government was "in complete denial that the economy faces a grave macro-economic challenge and the growth rate has declined in six successive quarters."
"There is nothing in the Budget that leads us to believe that growth will revive in 2020-21. The claim of 6-6.5 per cent growth next year is astonishing and even irresponsible," he said.
