No big idea in Budget 2016-17; it`s just house keeping and accounting, says Chidambaram

Chidambaram said that he was happy the government has achieved the fiscal deficit target, but otherwise the Budget is just house keeping and accounting.

New Delhi: Branding the NDA's third Union Budget as just house keeping and accounting, Congress leader P Chidambaram on Monday said that all sections of the society were left disappointed by the budget, which has “no new idea or initiative”.

“After reading the text I am convinced it's just house keeping and accounting,” he said adding, “There is no big idea and it doesn't reflect the Modi govt's reform to transform mantra.”

“The government has collected only excise duty, but I am happy that it has at least achieved the fiscal deficit target,” he said.

Chidambaram said the NDA has followed its own brand of budget making and “One big takeaway from the budget is that there is no new idea.”

“There is no major push for increasing productivity of crucial crops, although it has continued the UPA's schemes in agriculture," he said.

He said that no benefits were passed on to consumers because of the crashing global oil prises.

“Also, little has been done to encourage private investments. This leaves many projects stranded.

“The government is boasting that they collected more tax than ever. It was only due to excise on crude and not from Corporate tax,” Chidambaram said.