Kochi, Feb 1 (PTI): There was no effective initiative in the Union Budget presented by Finance Minister Nirmala Sitharaman, said Rajya Sabha MP and leader of Loktantrik Janata Dal (LJD) M V MV Shreyams Kumar on Monday.
No such initiative to overcome the financial crisis due to outbreak of COVID-19 and the global economic slowdown, he said.
'Instead, a sellout of the public sector proposed in the budget is clear,' he said in a statement.
Kumar criticised the plan to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent.
'In the name of strategic disinvestment, the government has proposed to generate Rs 1.75 lakh crore by disinvesting public sector companies, banks and insurance companies. Major ports too are put up for sale under the garb of private-public partnership,' he said.
The LJD leader said there was no plan to create employment opportunities for youth when the unemployment ratio was at a record high in the country.
He said when tea plantation workers in Assam and Bengal were considered for a Rs 1,000-crore welfare scheme, plantation workers in Kerala were neglected.
Kumar, however, said he was happy over the allotment of Rs 65,000 crore for road construction in Kerala and Rs 1,957 crore for expansion of the Kochi Metro Rail. PTI TGB NVG NVG