Budget will not contribute towards growth: Jayalalithaa

Chennai, Feb 17: Tamil Nadu Chief Minister J. Jayalalithaa Monday said the budget presented by Union Finance Minister P. Chidambaram was only an interim budget and will not contribute towards stability or growth in the country.

“It is only an interim budget. The main budget that will be presented in June 2014 by a new central government will undoubtedly do what is necessary to reverse much of the damage caused by the 10 years of the United Progressive Alliance rule and truly put the country on a path of high growth,” she said in a statement.

The chief minister said the budget will not take the country on the road to economic recovery.

She said the human shield provided by some parliamentarians to Chidambaram while he presented the budget showed the lack of “safety and security” within the house and reflects the “total failure of the UPA government and governance to take the people and parliament along”.

“The sharp slowdown in the manufacturing sector’s growth was also caused by the poor macro-economic management of the UPA government and they cannot absolve themselves of the responsibility,” she said.

Citing the reduction in plan expenditure by over Rs.79,790 crore between budget estimates and revised estimates for 2013-14, she charged Chidambaram with having promised allocations and slashing them later.

“And in 2014-15, plan expenditure has been retained at current year levels. It is perhaps the UPA government’s way of investing in growth,” she said.

Terming as “hollow” the claims of achieving fiscal stability and fiscal road map targets, Jayalalithaa said: “It is easy to do so if all revenues are fully estimated and accounted for, while expenditures are not provided for and postponed.”

IANS