5th July 2019
Cochin
A BUDGET TO PACE UP FASCISM
Second Modi Government's first budget is clearly pro-corporate, anti-working-class, anti-farmer and a systematic pacing up for fascism.
Union Finance Minister Ms Nirmala Sitharaman in her Budgetary speech explicitly proclaimed the regimes gratitude to the Corporate capital houses and the forces of International Finance Capital in several terms. It drew a determined trajectory of integration of Indian economy with the systemic web of International Finance Capital. At the same time, it discarded the nation and its people, especially the toiling classes: the workers and peasants. It turned deaf ear to the plea of the youth reeling under the growing menace of unemployment. The budget failed to propose any solution to the intensifying agrarian distress. It went oblivious of industrial deterioration that aggravates the crisis of the whole economy.
Anti-worker Labour Code that virtually extinguishes the soul and body of the labour laws that were fought for in the course of independence movement and got legislated in free India, is the ominous mark on the forehead of this budget. It has turned up to be an empty vessel for the farmers as it did not utter any relief to them including debt waiver, system of remunerative prices and procurement of crops.
The budget is determined to open up the Indian economy for foreign portfolio and direct investment. For this, the FM was repeatedly pointing that the sovereign debt-GDP ratio of the country is lower. With respect to the infrastructure build up, the government is for promoting PPP even in railways and metro.
The budgetary proposal has virtually no appreciation of spending. In fact it has cut subsidies and welfare. MGNREGA allocation and other vital allocations have been cut. At the same time, the Finance Minister has promised rapid tax concessions to the corporate sector. On the contrary, common people were over burdened with additional excise duties on petrol and diesel. The revenue estimate showing lesser income expectation from GST proves the failure of GST regime. Expectation from income tax also has been lowered.
At the same time, the budget has proposed disinvestment of public sector enterprises up to Rs. 1.05 lakh crores. Now, this drive is inclusive of strategic sellout of Railway. Besides, PSEs' profits would be taken by the Government – and this amounts to 1.64 lakh crores. Still, the expenditure to GDP ratio has not appreciated. This means that this budget would have a parasitic life upon sell out. It is a demolition and leeching project.
This Union Budget proposal has shown it's class bias without reservation. It has bared it's teeth upon the working-class, peasantry and the oppressed people. The very act of planned ripping of Public Sector Units and introduction of draconian Labour Code betray the characteristic pug marks of unfolding fascism as it had been the genetic property of fascism all through in history.
This callous pacing up of fascism has to be resolutely resisted. Working class, peasantry and all the other toiling masses have to be rallied for such resistence. United effort with Democratic and secular forces have to rally along with. We call for such resistance so that the fatal points of this budgetary proposal be changed by the pressure of mounting popular resistence and the unfolding fascist plot be halted.
MS JAYAKUMAR
General Secretary
Communist Party of India (Marxist Leninist) Red Flag