Guntur: Budget lacks clarity, says former MP Sivaji

Guntur: Former MP Dr Yalamanchili Sivaji felt that there is no clarity in the Union Budget presented by Union Finance Minister Nirmala Sitharaman for the financial year of 2023-24 in the Parliament on Wednesday.

He said banks have no mechanisms to distribute loans in rural areas. 'At present, each branch covers four to six villages. As a result, they cannot distribute loans in rural areas. Most of the banks are sanctioning loans to cold storages, for the purchase of lorries, tractors, agri-based industries instead of farmers. The Centre did not allot funds for the development of newly formed AP. There is no use of this Budget for the State,' he criticised.

Retired Economics Professor, ANU, GV Anjaneyulu welcomed the Union Budget and said that increase in IT slabs is useful to the employees.

'The Centre has given priority to education, skill development and agriculture. It will help the youth to start small scale units for self-employment. Making PAN card mandatory for all businesses is a good indication. Small and petty traders would have to pay IT, if they come under IT net.'

APTF State president Hrudaya Raju felt that there is no use of Union Budget 2023-24 to the employees. 'Increase of Budget allotment to education sector by 2.5% is an eye wash.' He said senior citizens will not get benefits in the IT slabs and added that there is no use of the Budget to middleclass families.