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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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
