Mumbai, Feb 3 (NationPress) The Shiv Sena Uddhav Balasaheb Thackeray (UBT) on Tuesday asserted that Union Finance Minister Nirmala Sitharaman unveiled another budget in Parliament on February 1, which was a “magical assortment of fictitious incentives replacing the old unfulfilled promises with the far-off dreams of 2047.

The editorial in the Thackeray faction's mouthpiece, 'Saamana,' stated, “While the government celebrated 12 years of strong economic growth, the immediate aftermath of the 85-minute address witnessed a historic plunge and considerable turmoil in the Indian stock market. She introduced substantial figures for fiscal deficits, tax revenues, and sector allocations. Although Prime Minister Modi and ruling MPs applauded heartily, there were no meaningful announcements that common citizens, laborers, farmers, or middle-class investors could rejoice over.”

The editorial pointed out that while government advocates on news channels hailed the budget as “visionary,” the stock market’s response provided a more accurate assessment. The panic stemmed from new taxes on option trading and an increase in the Security Transaction Tax (STT) on futures. Within moments of the speech concluding, the Sensex nosedived by 2,400 points, and the Nifty fell by 700 points. An astounding Rs 16 lakh crore of investor wealth evaporated in an instant.

“While Prime Minister Narendra Modi lauded the budget as 'Reform Express', the market’s 'objective evaluation' conveyed a different narrative, especially for middle-class investors increasingly dependent on mutual funds and equities,” noted the editorial.

Intensifying their critique of the BJP-led central government, the Thackeray faction remarked that despite hopes for inflation relief, the Finance Minister made no revisions to income tax thresholds, leaving the salaried class disheartened. The agricultural sector, a vital part of the economy, received no mention of price guarantees based on production costs. It added that while the Prime Minister once pledged to double farmers' incomes, it is the production costs that have surged, rendering farming unprofitable.

The editorial underscored a stark contrast between the government’s “words and actions.”

“Questions linger as to why the Indian Rupee has depreciated from Rs 60 to Rs 92 against the dollar over the past 12 years, and why the national debt has quadrupled from Rs 55 lakh crore in 2014?” it questioned.

“Ultimately, this budget, which promises a Viksit Bharat by 2047, feels more like a mystery film 'Bees Saal Baad (Twenty Years Later).' Following an immediate loss of Rs 16 lakh crore, the public is left pondering whether they should wait another 20 years for recompense,” the editorial concluded sarcastically.