Press Statement

The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:

                                            On Pre-Election Sops

The Vajpayee government has completely ignored parliament and violated budgetary procedures in announcing major changes in the taxation structure and cuts in excise and customs duties. It is estimated that these changes would bring about a revenue loss of over Rs. 10,000 crore in the coming period. Much of the concessions are meant to keep the big business and the corporate sector happy.

The government has not placed before parliament or the people the balancesheet of the overall finances of the government. In its anxiety to gain some short-term rewards before announcing elections prematurely, the government is willing to damage the finances of the government and risk a fiscal crisis. It is parliament alone which is empowered to scrutinise the government’s budget and pass it. The BJP-led government has damaged both the parliament and budgetary procedures.