Employees' bodies appeal
Source: The Sangai Express

Imphal, March 11 2015: Asserting that the Central Government's full fledged budget for 2015-16 carries forward more aggressively the neo-liberal economic agenda of the earlier UPA and NDA Governments, various employees' associations have appealed to all organizations concerned to put it on record their protests against the 'anti- people' 'pro-corporate Budget' of the Union Government.

A joint statement issued by All India State Govt Employees' Federation, JAC of AMTUC & AMGEO, Manipur, Manipur Secretariat Services' Association and Manipur State Pensioners' Union said that the rich, both foreign and domestic corporates have been benefited.

The budget proposals will reduce direct taxes by Rs 8,315 crore benefiting the rich and increase the burden on the people through the indirect taxes hike of Rs 23,383 crore.

Apart from direct tax benefits, in addition wealth tax has been abolished, corporate tax targeted to reduce from 30 to 25 per cent, greater concessions and access to FDI and FIIs, capital gains tax and minimum alternate tax (MAT) .

Instead of expanding public expenditure to stimulate growth, employment and people's livelihood, these expenditures are being squeezed.

Already in 2014-15, total Government expenditure was 7 per cent lower than the last budgeted figure, ie, Rs 1.14 crore less.

For 2015-16 the estimated gross tax revenue stands at 10.3 per cent of GDP which is less than last year's budget figure of 10.8 per cent.

Expectations of "Tax buoyancy" by Finance Minister is, hence pure imagination.

The much hyped higher allocation to the States in the name of "co-operative federalism" is nothing else but transferring the amounts from the Central schemes to the States.

The total transfers to the States, including loans and grants as a share of GDP will, in fact be lower than what was budgeted for 2014-15, it said.

With the pre-occupation to contain fiscal deficit at 3.9 per cent, the budget undermines the need for stimulating domestic demand by targeting social sectors, the release said.

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