Shiv Sena leader Uddhav Balasaheb Thackeray criticized the Union Budget 2022, calling it a collection of unfulfilled promises. The budget, presented by Finance Minister Nirmala Sitharaman, led to a significant drop in the stock market immediately after the speech. The market reacted poorly to new taxes and fiscal announcements, causing a loss of investor wealth amounting to Rs 16 lakh crore.
The Thackeray camp expressed disappointment in the budget, noting that it lacked relief measures for common citizens, laborers, and farmers. Despite government supporters praising it as visionary, the stock market’s reaction painted a different picture. The budget’s impact on middle-class investors, especially in mutual funds and shares, was particularly harsh. Prime Minister Narendra Modi’s terming of the budget as ‘Reform Express’ was met with skepticism by market evaluations.
Criticism was also directed at the government’s handling of inflation and income tax limits. The editorial highlighted the absence of measures to support the agriculture sector, which was expected to receive price guarantees based on production costs. The disconnect between the government’s promises and actions was emphasized, questioning the significant increase in national debt and the devaluation of the Indian Rupee against the dollar.
The budget’s projection of a developed India by 2047 was met with skepticism, with the editorial drawing parallels to a mystery film. The public’s immediate financial loss and lack of substantial benefits raised doubts about the budget’s long-term impact and compensation for the losses incurred.
