Thread by @PushparajVD

A careful analysis of #Budget2023 reveals huge structural issues that all Indians MUST be concerned about-

1/6: ₹10.7 lakh cr of India’s total budget (₹45 lakh cr) goes for interest payments. While most nations use 8-12% of their budgets for this, India uses a shocking 23.9%!

2/6: The @BJP4India Govt levies almost the same quantum of taxes on companies (₹9.22 lakh cr) as on individual taxpayers (₹9 lakh cr). Mind you, India’s bottom 50% also accounts for 64% of GST revenues.

Is imposing higher taxes on ordinary citizens #AmritKaal’s core mantra?

3/6: The BJP GoI has slashed allocations for the NSAP (which provides a safety net for the elderly, widows, disabled persons etc.) by a whooping 340% (from ₹42.4K cr (2020-’21 AE) to ₹9.6K cr this year!

Whatever happened to sabka saath, sabka vikas?

#BudgetSession

4/6: The Price Stabilisation Fund absorbs extreme volatility in select commodity prices & controls food inflation. Inexplicably, the BJP Govt cut the Fund’s budget from ₹11.1K cr (AE, 2020-’21) to ₹1 lakh this year!

No prizes for guessing why food prices are so high!

5/6: The BJP GoI unilaterally cut the states’ share of tax revenues to 30.4% (down from 36% in FY 2019). Plus it cut transfers to states to finance their capital expenditure by a massive ₹1.01 lakh cr!

Didn’t PM @narendramodi say something about cooperative federalism?

6/6: Lots of hullabaloo about the BJP GoI enhancing capital expenditure (up by 33% to ₹10 lakh cr). But it’s done so by slashing funds for key people-centric schemes.

Whether this boosts employment or consumption remains to be seen. But it will help crony capitalists ASAP!