Finance Bill favors big businesses, burdens the people: Congress MP

Punjab: On Monday, Congress leader Amar Singh criticized the government’s approach to taxation, alleging that it places an excessive burden on ordinary citizens while benefiting large corporations. He stated that although the Finance Bill serves as a crucial instrument for addressing the nation’s socio-economic requirements, recent policies under the National Democratic Alliance (NDA) government have primarily benefited big businesses and the affluent class. Initiating the discussion on the Finance Bill in the Lok Sabha, Singh raised concerns regarding various sectors and questioned the rationale behind reducing duties on key minerals to zero; he asked who would be willing to invest in domestic mining under such circumstances. He warned that duty reductions impacting industries such as bicycle manufacturing in Ludhiana could cause significant harm to local enterprises.

He also raised the issue of the removal of duties on soybeans, maize, and tree nuts, arguing that this could adversely affect farmers in Punjab, Himachal Pradesh, and Jammu & Kashmir. Questioning the government’s intentions, he asked whether Indian farmers were being provided with protection or if they had been left exposed to global competition without any safety net; he sought clarifications regarding compensation for potential losses and support for Micro, Small, and Medium Enterprises (MSMEs). Shedding light on specific issues concerning the states, Singh pointed out that despite Punjab bearing the heaviest debt burden in the country, the revenue deficit support extended to the state has been discontinued. The Congress MP further added, “Due to the stringent conditions imposed by the Central Government, approximately ₹2 lakh crore under centrally sponsored schemes could not be transferred during the year 2025-26.”