With just hours before the Union Budget is set to be presented in Parliament, Congress MP Manish Tewari has sharply criticized the annual budget process, calling it “nothing more than an accounting exercise” that merely tracks government earnings and expenditures.
In a post on X (formerly Twitter), Tewari likened the budget presentation to a form of grandstanding by the Finance Minister and compared it to the President’s address, suggesting it holds little substantive value. He argued that the income and expenditure statement could simply be presented in the House without the fanfare.
“What is a budget? It is nothing more than an accounting exercise. How much did the Government earn and how much did it spend? Over the years, it has evolved into an annual grandstanding ritual for the Finance Minister. It is as useless a ritual as the President’s address. The income and expenditure statement of the government can just be laid on the floor of the house,” Tewari posted on X.
Congress MP Manickam Tagore also weighed in, calling on the Union Government to revise its policies, alleging that the super-rich are becoming wealthier while the middle class struggles.
“We all know that India’s economy is in a different stage now. Employment numbers are going down, and urban spending is also declining. The super-rich are getting super money, while middle-class people are suffering. We expect the government to change its policy and address the people’s pain,” he said.
Meanwhile, the Economic Survey, tabled in Parliament on Friday, projected India’s economy to grow between 6.3% and 6.8% in the next financial year, 2025-26. The survey highlighted that the country’s economic fundamentals remain strong, with a stable external account, fiscal consolidation, and private consumption supporting growth. It also noted that the government plans to focus on long-term industrial growth, emphasizing research and development (R&D), micro, small, and medium enterprises (MSMEs), and capital goods, to boost productivity and global competitiveness.
The survey also indicated that food inflation is expected to ease in Q4 FY25 due to seasonal declines in vegetable prices and the arrival of the Kharif harvest. A good Rabi crop is expected to help stabilize food prices in the first half of FY26, although adverse weather and rising international agricultural prices could pose risks to inflation.
