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Recently, Bengal’s budget was passed in the Assembly. For science and technology, Mamata Banerjee allocated only Rs 80 crore, while Madrasas received an allocation of Rs 5,700 crore. TMC, what is your agenda? Is your priority to provide employment opportunities for the state's youth or to increase the number...

25,058 views • 5 months ago •via X (Twitter)

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Even by an accountant’s standards, it was a poor account of the management of the finances in 2025-26. Revenue receipts were short by Rs 78,086 crore, total expenditure was short by Rs 1,00,503 crore. Revenue expenditure was short by Rs 75,168 crore and capital expenditure was cut by Rs 1,44,376 crore (Centre Rs 25,335 crore and States Rs 1,19,041 crore). Not a word was said to explain this miserable performance. Actually, the Centre’s capital expenditure has fallen from 3.2 per cent of GDP in 2024-25 to 3.1 per cent in 2025-26. In revenue expenditure, the cuts have fallen in heads that concern the common people. Examples: ⦁ Rural Development: Rs 53,067 crore ⦁ Urban Development: Rs 39,573 crore ⦁ Social Welfare: Rs 9,999 crore ⦁ Agriculture: Rs 6,985 crore ⦁ Education: Rs 6,701 crore ⦁ Health: Rs 3,686 crore Funds have been cut in crucial sectors and programmes. Expenditure on the much-vaunted Jal Jeevan Mission was cruelly cut from Rs 67,000 crore to a paltry Rs 17,000 crore. (In 2026-27, it has been boosted to Rs 67,670 crore, but what credibility does the number have?) After the months-long exercise, the revised estimate of the fiscal deficit has adhered to the budget estimate of 4.4 per cent, and the projection for 2026-27 is that the fiscal deficit will fall by a meagre 0.1 per cent of GDP. The revenue deficit will remain at 1.5 per cent. It is certainly not a bold exercise in fiscal prudence and consolidation. The most serious criticism of the Budget speech is that the Finance Minister is not tired of adding to the number of schemes, programmes, missions, institutes, initiatives, funds, committees, hubs, etc. I counted at least 24. I leave it to your imagination how many of these will be forgotten and vanish by next year. : Former Finance Minister Shri P. Chidambaram

Congress

53,786 views • 6 months ago

Without burdening you with numbers, I urge you look at the Budget Estimates and Revised Estimates for 2024-25 and the proposed Budget Estimates for 2025-26 for the following programmes/schemes. They clearly indicate that (i) the government has lost faith in these programmes announced with fanfare in the previous Budget speeches. (ii) the government’s capacity has significantly diminished. Examples are POSHAN, Jal Jeevan Mission, NSAP, PMGSY, Crop Insurance Scheme, Urea Subsidy, and PM Garib Kalyan Anna Yojana. The Railways have been shortchanged. If you examine the Railway specific heads of expenditure, you will find that BE 2024-25 was Rs 2,06,961 crore RE 2024-25 is Rs 2,12,786 crore BE 2025-26 is Rs 2,13,552 crore Railways serve the overwhelming majority of the population. The increase of a paltry Rs 766 crore in 2025-26 will not even account for the inflation. The allocation will be less than last year’s allocation. On the much-vaunted PLI schemes plus New Employment Generation Scheme plus Skill India programme that were promised to create thousands of jobs, the youth of this country have been deceived. Against a BE 2024-25 of Rs 26,018 crore, the actual expenditure will be only Rs 15,286 crore. Finally, it is evident that neither the FM nor the PM care for the advice of the Chief Economic Adviser. He gave sensible advice in the Economic Survey. “Get out of the way” was his call to the government. On the contrary, the Budget is full of new schemes and programmes, many of which are beyond the capacity of this government. I counted at least 15 new Schemes or programmes and 4 new Funds. The FM is walking on the worn-out path. She is not willing to break free as we did in 1991 and 2004. She is not willing to de-regulate. She is not willing to get out of the way of the people, especially the entrepreneurs and the MSMEs and the start-ups. The bureaucracy will be happy with this Budget. In closing, I would like to say that the economy will trudge along on the old path and deliver no more than the usual 6 or 6.5 per cent growth in 2025-26. That, in our view, is a government with no new ideas and no will to reach beyond its grasp. : Rajya Sabha MP and Former Finance Minister Shri P. Chidambaram

Congress

40,727 views • 1 year ago