CM Siddaramaiah calls union interim budget as "most disappointing"
Bengaluru, Feb 1: Calling the interim budget 2024 as "most disappointing", Karnataka Chief Minister Siddaramaiah on Thursday said there are things that are not disclosed in the budget, and the economic situation of the country has not been revealed clearly.
The CM, who has presented a record 14 budgets in Karnataka Assembly, also said, the interim union budget presented today by Union Minister Nirmala Sitharaman is not for the developed India, but it is "disastrous" for the country.
"This is an interim budget and it is an election budget. This is the most disappointing budget... new projects and programmes have not been mentioned in this budget. Karnataka is not getting any new projects in the next financial year 2024-25," Siddaramaiah said.
Speaking to reporters here, he said, "the new budget's size is Rs 47,65,768 crore, while this financial year's (2023-24) budget size was Rs 45,03,097 crores. Only Rs 2,62,671 crore has been added, so the budget size for next year has been increased by 5.8 per cent compared to this year."
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He also described the budget as 'anti-poor, anti-farmer, and anti-people.'
This budget has not addressed real problems of the people, particularly price rise, unemployment, problems faced by farmers and issues of the poor, Siddaramaiah claimed. There is more that is not disclosed to the people in this budget, and the economic situation of the country has not been revealed clearly, he added.
Rejecting BJP claims that the budget is for Vikasit Bharat (developed India), the CM said, "... it is Vinashkaari for Bharat (disastrous for India)."
Out of Rs 47 lakh crore budget size, Rs 16,85,494 crore will be borrowed, he claimed.
Recalling that the average growth rate of budget was 13.79 per cent during the UPA government (2004-2014), the CM said under the Modi regime (2014-24) the budget growth has fallen to 9.6 per cent.
The GDP growth was 11.14 per cent under the UPA government and it declined to 6.4 per cent under the NDA, he said.
Siddaramaiah alleged that the funds have not come from the central government to the state for Upper Bhadra Project, under 15th Finance Commission, for the Peripheral Ring Road project among others. "... not even a single penny has come as drought relief from the Centre, despite four months since central team visiting the state."
He further said injustice was meted out to Karnataka in devolution of taxes, despite the state being in second position in the country in collection of taxes, after Maharashtra. "More than Rs 4 lakh crore tax is collected from our state."
Also, among other things, the state had demanded establishment of All India Institute of Medical Sciences (AIIMS) at Raichur, which has not been mentioned in the budget, he added.
Sitharaman today presented her sixth straight budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai.
Presenting a vote on account or an interim budget for 2024-25, she proposed no changes in income tax rates for individuals and corporates, and customs duty.
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New application filed in SC against Adani group over US indictment
New Delhi: A fresh application has been submitted to the Supreme Court of India, seeking the inclusion of key documents related to the recent US indictment of the Adani Group. Filed by advocate Vishal Tiwari, the petition aims to introduce two critical pieces of evidence into an ongoing case related to the Adani Group's financial practices.
The first document is a formal US court indictment accusing Gautam Adani, his relative Sagar Adani, and other company executives of orchestrating a massive bribery scheme to secure solar energy contracts worth billions of dollars in India. The indictment alleges that over $250 million in bribes were paid to Indian government officials to obtain these lucrative contracts.
The second document is a complaint from the US Securities and Exchange Commission (SEC), which accuses the Adani Group of securities fraud. The SEC alleges that Adani executives misled investors to raise funds for these solar projects, despite knowing that part of the capital was linked to corrupt activities.
This development follows the US Attorney's Office's recent charges against the Adani executives, who are accused of masterminding a bribery scheme to secure power supply contracts with state-run utilities in India. The contracts were expected to yield up to $2 billion in profits over two decades.
These charges come amid an ongoing investigation by India's Securities and Exchange Board (SEBI) into the Adani Group, after allegations of stock manipulation and market irregularities surfaced, particularly following the release of the Hindenburg Report in early 2023. The new US legal documents could play a crucial role in strengthening the investigation into the Adani Group's business operations.
