BUDGET 2020 PUSHES THE ECONOMY FROM ICU TO VENTILATOR
II ODISHABARTA II
Delhi:The Indian economy is already in a historic stagflation due to the far-right, corporate-fascist policies of the Modi regime. Both the Economic Survey released on January 31 and the budget that is presented today to the parliament on account of their ultra-right neoliberal orientation cannot admit the corporatisation-induced economic collapse or recognise the corporatisation-stagnation trap that has engulfed the country. Quite logically, Modi’s 2020-21 budget rather than doing anything in the direction of reversing this horrific trend, is simply traversing the beaten track of pampering the most corrupt and parasitic corporate class which is fattening itself by sucking everything from the economy. At the same time, under the cover of “Aspirational India”, the Finance Minister has done maximum effort to camouflage all the negative trends through statistical jugglery.
All the talks about agriculture and allied sectors that still provides sustenance to half of the Indian people including the announcement of a 16-point program for doubling agricultural income by 2022 are only to cover up the increasing pauperisation of the peasants and their suicides. On the other hand, the budget is envisaging an unprecedented corporatisation of agriculture with lease-farming and contract-farming led by foreign and Indian agribusiness giants. And they are given unfettered freedom for hoarding and futures trading in agricultural produce. The budget highlights its very orientation to corporatisation of agriculture by emphasising on “Krishi UDAN” on domestic and international routes in the interests of agribusiness companies.
In the realm of industry and services sector, PPP projects with further avenues of “ease of doing business” to foreign and domestic corporates are announced. In consonance with the latest World Development Report of the World Bank on “Global Value Chains”, the budget repeatedly refers to the need for concentrating on making India as a cheap-labour link in global assembly line led by MNCs. Thus the budget has put forward the new catchword “Assemble in India for the World” altogether replacing the “Make in India” slogan that is a non-starter till today. For the unfettered entry and exit of foreign capital, an Investment Clearance Cell is also announced. Roads including express highways and railways are further opened for PPP projects. 150 more trains along the most profitable roots are set apart for corporate looters. PPP projects are extended even to education sector with liberal inflow of FDI into it and a New Education Policy is under preparation.
In continuation of the pre-budget move towards selling-out Air India, the budget has also announced the disinvestment of LIC and IDBI through an amendment in the coming days. The disinvestment target is more than doubled and is expected to yield more than Rs. 2 lakh crore in the financial year 2020-21. This is to compensate for the huge corporate tax exemptions announced, the rate of which is further reduced to 15 percent. Along with this, income tax reduction/exemptions are offered to middle and upper-middle class sections. Company Act is going to be amended for decriminalising economic offences committed by corporate plunderers. In the guise of modernising and buying new weapon systems, defence forces are allocated Rs 1,10,734 crore, Rs 10,340 crore more than what was provided in last year’s Budget.
As usual, there is no mention on the frightening unemployment situation, sky-rocketing prices, pauperisation and deprivation of the broad masses, horrific levels of inequality and galloping corruption. Core issues confronting the people are effectively camouflaged using high-sounding words and phrases borrowed from neoliberal centres. While the all-round economic crisis intensifying the budget is only concerned with maintaining the profit rates of corporate oligarchs aligned with the Hindutva fascist regime, and in the process putting heavier and heavier burdens on the backs of working and oppressed people. This budget is in fact pushing the economy from the ICU to the ventilator. There is no alternative on the part of the people other than coming out against the out-and-out pro-corporate anti-people proposals of the budget.
By; PJ James
Phoro;R-TV
