Port Blair, Feb 1: The Union Budget 2023-24 has come at a time when the Indian economy has slowed down after the Covid pandemic for last 02 years. There is a global economic crisis all over and still many countries including India is trying to come out of it. Under this situation this budget should have addressed the core issues and must have included some concrete measures for boosting the economy and job creation.

This budget failed to meet the aspirations of the working class in the country. When the unemployment rate is at the highest in the country after independence, reduction in budget allocation on MGNREGS and cut in food subsidy and fertilizer subsidy will have a very adverse impact in coming days. None of the demands raised by various organizations of central government employees, including the demand for old pension scheme have been addressed in the Budget.   

The tax exemption limit for salaried persons has been raised from Rs. 5 to 7 lakh only for the new regime while the employees opting for the old regime have been given the relief only for name sake. Since the government has failed to control the inflation and reduce the prices of essential commodities, the sufferings of low paid employees will increase. 

On the whole, the Union Budget does not provide any concrete measure for resolving the issue of unemployment, inflation and is bound to further deepen the gap between the rich and poor.