AIBEA terms Union Budget as ‘disappointing’

AIBEA terms Union Budget as ‘disappointing’

Agency News

Hyderabad, Jul 5 : Terming the Union Budget presentedby Finance Minister Nirmala Sitharaman in Lok Sabha for the fiscal 2019-20 as 'disappointing', All India Bank Employees'Association (AIBEA) on Friday said it is on expected lines.It is on the same track as were the earlier Budgets of the Government in the last 5 years, AIBEA General Secretary Ch Venkatachalam said in a release.

He said when the top priority is development, to which the government repeatedly reaffirms, there is no concrete proposal of massive public investment to propel this development. Agriculture sector is in serious crisis resulting in farmers committing suicide but no measures have been announced for more investment in agriculture sector to mitigate the problems of this vital sector, Mr Venkatachalam felt.

FM has stated in her speech that private sector is the job creator. This means that the Government will depend more upon them to create jobs. But they will be interested in their profits only and not creating jobs. Job creation is the responsibility of the Government and it appears to be shirking their responsibility, he said.

In the budget there is so much of repeated emphasis on private capital and private participation. This would mean weakening of public sector. Plans have also been announced for more and more disinvestments in public sector.

This is a retrograde approach, the AIBEA General Secretary said.Regarding banking sector, it is clear that the Government would continue with their agenda of consolidation of banks and ensure big banks. Big banks in India would mean bigger risk to the hard-earned savings of the common people.

Ms Sitharaman has claimed reduction in NPA but she is silent on how muchconcession and write off was given. What is needed is recovery and not reduction through IBC resolutions. Under IBC, banks are forced to swallow huge haircuts and concessions. Entire operating profits of PSBs are getting evaporated due to provisions for bad loans.

But no effective measures have been announced to recover the bad loans of the Banks, Mr Venkatachalam said, adding that the budget document is more a 'political propaganda' than an economic document to take the economy forward.