A saying in Hindi goes like this: "jo dikhta hai vah bikta hai" (that which is visible or exhibited gets sold). This sentiment has come back again to haunt the 146 crore Indians after the presentation of the budget on January 31. The Finance Minister, Ms Sitaraman, beamed with a sense of achievement. The opposition appears clueless about addressing all the rhetoric devoid of reality.

The ordinary citizens have been silenced by the directionless budget. It was not as if they had expected anything substantial to alleviate their sheer lack of roti, kapda, aur makan. There is not even a slight inkling that this government cares for their issues; forget about actually doing anything concrete for their upliftment. It is pathetic that 'rozgaar,' 'kamaai,' 'mahangai,' 'padhai,' and 'davai' did not figure in the budget. Once again, the upper-middle and business classes got the most of the cake. What is more disturbing is the total absence of Ambedkar, Birsa, Phule and Fatima Sheikh in the budget - total neglect of the issues of over 75 per cent of the population who come from the Dalit, Tribal, Most Backward Caste, the Minorities and Women.

While the Budget 2025 is silent on the issues of employment, education, health, food, housing, etc., the BJP announced that it will set up 768 offices across the country. JP Nadda, the party president, reported that 563 are already ready. If this report is true, what does this mean for the marginalised of the country? While they do not figure in the budget, the ruling establishment is busy expanding its political base through its offices. Also, where does this money come from, and how is it accounted for and audited? These questions remain unanswered. The Godi media and the andh-bhakts only glorify the party.

Some features of the Budget 2025: 
The budget document stated that the government is estimated to spend ?50,65,345 crore in 2025-26, 7.4% higher than the revised estimate of 2024-25. Interest payments account for 25% of the total expenditure and 37% of revenue receipts. PRS Legislative Research highlighting some aspects of the budget also stated that customs duty has been reduced on some items, but the Agriculture Infrastructure and Development Cess (AIDC) has been introduced. This goes to state that on the one hand, there is the reduction, and on the other, the mainstay of human life, agriculture, is demanded to pay.

While tax exemption under Section 12A has been increased to 10 years for institutions with income less than five crore rupees in each of the previous two years, the exemption is removed for those contributing more than one lakh or an aggregate of 10 lakhs. With the stringent rules implemented through FCRA rules, many of the NGOs had to shut down their operations; with this pronouncement, more of the smaller NGOs will be forced to wind up their excellent contributions to the masses of India.

There is a clear focus on the wealthy and business enterprises. Another pronouncement is that a modified UDAN scheme (regional airport development program) will be launched to improve connectivity to 120 new destinations and carry four crore passengers in the next 10 years. On the one hand, there is no doubt that only the rich and the business class can afford to travel by flight. On the other hand, this expansion of airports will open up access to unscrupulous businessmen and their agents to exploit the resources in the rural and tribal areas of the country.

The FM stated that the Urban Challenge Fund of one lakh crore rupees will be set up to implement projects for the development of cities. A scheme worth ?15,000 crore will be established to complete the construction of one lakh housing units in stressed projects. But there is nothing about the rural development. As usual, the rural population will have to bear the brunt of a budget where they do not figure but will have to pay for the development of others by the taxes they pay for their salt, food, clothing, etc.

It is heartening to see that the Prime Minister Dhan-Dhaanya Krishi Yojana will be implemented to improve productivity and crop diversification in 100 low-productivity districts. It is also consoling to see that the Kisan Credit Card loan limit has been raised. The loan limit under the Modified Interest Subvention Scheme will be increased from three lakh rupees to five lakh rupees for loans availed through the Kisan Credit Card. This would surely boost the struggling agriculture sector.

There are some positive moves and innovative schemes in the Labour and Employment sector. The PM SVANidhi Scheme to provide affordable loans to street vendors will be revamped to provide UPI-linked credit cards with ?30,000 limit, enhanced bank loans, and capacity-building support. Gig workers will be provided access to healthcare under Ayushman Bharat. A scheme will be launched to provide loans of up to two crore rupees to five lakh women, scheduled castes, and scheduled tribes first-time entrepreneurs. This seems to be one area where all these three categories from the weaker sections, as the Constitution of India calls, are brought into. While appreciating this move, there is also a negative sense that while the Gig workers will be brought under the Ayushman Bharat scheme, there is nothing for the migrants. It is estimated that over 20 crore Indians have migrated to eke out a living in some of the most difficult circumstances.

Provisions have been made to transfer ?25,59,764 crores to states in 2025-26, an increase of 12.5% over the revised estimate of 2024-25. While this move is welcomed, analysts are apprehensive. Will all the states get what they deserve and in proportion to their population? Will the Centre not withhold money from states which do not appreciate them? This budget, too, has shown that the NDA partner governments in Bihar and Andhra Pradesh have received a greater share than the others.

The NDTV reported on February 1 that the offerings for Bihar must be seen against the backdrop of JDU's critical support to the BJP after the latter fell short of the majority mark in the general election in 2024. Political pundits would also say this was done to gain electoral victory for BJP in Bihar in the coming assembly election with or without alliance with JDU. Interestingly, after forming the government with the support of JDU and Telugu Desam of Andhra Pradesh in the budget pronouncement, this is what the finance minister said, "For Andhra Pradesh, the Centre has made concerted efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. She acknowledged the state's need for capital and said special financial support through multilateral development agencies would be facilitated. In the current financial year, ?15,000 crore will be arranged, with additional amounts in future years.

Against this, the Kerala, Tamil Nadu, West Bengal, and now Karnataka governments suffer the most since the parties in power here are non-BJP parties. Expressing his disappointment with the budget, the Trinamool Congress MP Abhishek Banerjee stated that the budget has nothing for the common people. He went on to say that West Bengal has not received anything in the last ten years. As reported by the Times of India on February 1, the Jharkhand government also said there is nothing for Jharkhand.

To a great extent, this year's budget is aligned with the business sector's expectations. Pre-budget, the business houses demanded that the industrial policy prioritise labour-intensive industries and rationalise labour laws. The finance minister seems to have responded to this positively. Conscious citizens of the country are aware that the present regime has discarded over 43 labour laws enacted even before independence and introduced four labour codes. The BJP called it 'New Labour Codes for New India.' These labour codes were put on hold due to intense protests.

The Centre for Financial Accountability (CFA), a Delhi-based institution, in its document published in January 2025, before the budget, had pointed out some serious concerns regarding the economic condition of the country. At the threshold of the 2025 budget, the vitals of the economy are alarming to those who bother to look beyond the hyperbole and manufactured optimism. One can observe a declining credit growth (the loan-to-deposit ratio is at 80%). Foreign Direct Investment has slowed down ($3 billion in the past year). Export competitiveness has been weakening. Stock valuations seem overstretched. And, of course, the rupee is seeing newer depths. Reports suggest that India's economy is navigating a phase of subdued demand as growth in key sectors has slowed down, and the dip in manufacturing is disconcerting.

Further, the report states that the numbers show that household income growth has slowed, with rural wage growth remaining stagnant and organised sector wage growth falling. Economists have repeatedly pointed out that the GDP figures seem inflated as they don't consider the unorganised sector that has been reeling under multiple shocks over the last decade. Worse, even the organised sector is showing signs of alarm. Inflation, particularly food prices, has remained sticky, at the peril of the poor, who bear the brunt of our heavy indirect taxes.

CFA pointed to the hope entertained by the masses from the budget. In the agriculture sector, there was an expectation that there would be increased funding under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme to cover tenant farmers and raise the annual payout beyond ?6,000 per farmer. After many years of struggle by the farmers, it was hoped that the Minimum Support Price (MSP) would also be announced. The Prime Minister and his government seem to have taken the demand for MSP as a challenge to their prestige.

To ensure the two-decade-long demand for the right to work, the previous government introduced MNREGA. However, what is observed is that in the allotment of the budget, the pending wages and backlog are cleared first every year. It is reported that a significant portion (21-25%) of the annual MNREGA budget is used to clear backlogs and pay wages from the previous year. For example, out of the ?86,000 crores allocated for 2024-25, only 75% (~?64,500crores) is available for current year expenses.

Moreover, last year's allocation for Scheduled Castes (SCs) was ?1.65 lakh crore; for Scheduled Tribes (STs), it was ?1.24 lakh crore. This was approximately 11% of the total budget. This needed to be raised to 16%. Only 3% of the allocated funds reached schemes that directly benefited these communities, which shows a lack of accountability. It has been pointed out innumerable times that the money allotted for the SCs and STs is easily diverted to other sectors. The civil society also demanded that it is high time to reserve at least 50% of the Special Component Plan (SCP) and Tribal Sub-Plan (TSP) funds for women from SC and ST communities. This would pave the way for women's empowerment, ultimately benefiting the family and the country.

As the projected euphoria of the budget fades, the citizens realise that the projected jumlas of the prime minister and his party are to woo andh-bhakts. The budget is totally devoid of any mention, let alone political will on the right to employment, right to education, right to health, right to food, etc. Mitali Mukherjee, in her article "The Budget peekaboo: What you don't see is what you get..." (Frontline, February 1, 2025), argued that the budget has totally overlooked the post-pandemic developments, which have pushed over 75 per cent of the population towards a downward economic, educational, health and skill trends.

Dr BR Ambedkar, the chief architect of the Indian Constitution, was insistent on the federal finance system for the economic welfare of the people by establishing such a system from the local to central levels, which could progressively raise their economic level without jeopardising their interests. There is no doubt that he was a firm believer that the fullness of life for every citizen, regardless of one's religion, caste, creed, class and gender, cannot be realised without guaranteeing equality of opportunity and led such struggles from the front for the depressed classes segregated with no religious and political rights. But contrary to his belief and actions, the present regime is involved in sectarian agenda, policies and programs. The Budget 2025 clearly indicates this anomaly and its impact on the masses.