Monday, February 28 2005 15:43 Hrs (IST) - World Time -

New Delhi: The Opposition today (Feb 28, 2005) attacked the United Progressive Alliance (UPA) Government's first full budget saying the "uninspiring" exercise would neither spur growth nor equity and would fuel inflation and affect the common man.

Leaders of Opposition parties came down heavily especially on the budgetary proposal to levy Rs 10 on every Rs 10,000 withdrawal from banks.

"It is ridiculous. The provision has made the entire budget exercise a laughing matter," former Prime Minister and National Democratic Alliance (NDA) chairman Atal Bihari Vajpayee said disputing claims that it would check black money.

Vajpayee said salaried people would have to pay more tax and no schemes for employment generation and to unearth black money have been announced.

Describing the budget as an "unusual product mix" to dole out money for social sector, which was laudable, CPI (Communist Party of India) leader Gurudas Das Gupta said the budget has not given adequate attention to agriculture, small scale industries and unorganised sector.

He said the move to attract FDI in mining and petroleum sector would be suicidal and opposed merger of banks saying it would seriously affect the economy.

"The Government is bent upon bringing changes in labour laws," he said.

On the move to tax cash withdrawal of Rs 10,000, he said the Finance Minister has made "caricature" of himself, adding he was not opposing it.