New Delhi, July 8
Union Finance Minister Palaniappan Chidambaram today presented the Budget in a professional manner that sent his critics groping for words and made his colleagues proud.
In his 110-minute speech, the Finance Minister not only succeeded in imparting a sense of confidence across the country on the UPA government’s commitment to economic reforms with a human face but also made the House smile when he assured former Surface Transport Minister B. C. Khanduri, saying “Main Hoon Na”.
Completing his task in his characteristic business style, Mr Chidambaram evoked vehement protests from the Opposition ranks only when he referred to the Lok Sabha poll verdict as a “vote for Sonia Gandhi” and announced a Rs 3,225 crore package for Bihar.
The bespectacled, dhoti-clad lawyer-turned-politician compared himself to Pip, hero of Charles Dickens’ literary classic “Great Expectations”, and quoted his famous lines, “My redemption lies in good deeds and not in good words,” as he announced that nobody with a taxable income up to Rs 1 lakh would be required to pay income tax anymore.
Mr Chidambaram referred to Prime Minister Manmohan Singh twice in his speech. Once at the beginning, quoting from the latter’s Address to the Nation, and the second time acknowledging that he had the “benefit of (Dr Manmohan Singh’s) guidance”.
When the Finance Minister announced a service tax on opinion poll services, the House suddenly sprang to laughter.
The BJP-led Opposition members took a dig at the Left parties for remaining silent when Mr Chidambaram announced plans to make simpler and quicker the procedure for registration and operations of foreign institutional investors.
“You are compensating for us,” said Speaker Somnath Chatterjee, a former CPM leader, as he tried to humour the NDA MPs.
However, the NDA ranks were at the receiving end when Mr Chidambaram announced a series of tax and excise duty exemptions, including on tractors and items for the disabled. Congress MP Avtar Singh Bhadana and RPI member Ramdas Athavale repeatedly urged them to “tali bajao (clap)” as the Treasury Benches echoed with cries of “India Shining” and “Feel Good”.
However, both sides had a good laugh as the minister proposed to bring under the service tax net a variety of services, including opinion polls, which had gained notoriety for their off-the-mark predictions during the recent elections.
The minister received support from his family as five of them were present in the visitors’ gallery. His wife Nalini, a Chennai-based lawyer, their son, daughter-in-law, daughter and son-in-law had flown in from Chennai for the occasion.
They had occupied seats in the gallery 10 minutes before the House assembled at 11 am for the Budget presentation.
Prime Minister Manmohan Singh himself came up to the man of the day and shook hands.
Mr Chidambaram went to Congress Parliamentary Board Chairperson Sonia Gandhi greeted her with folded hands.
Brimming with delight, most of the Treasury Bench members rushed to Mr Chidambaram and virtually vied with one and other to greet him. Riding the crest of applause, Mr Chidambaram had on his trail a number of appreciative members who kept following him even when he was leaving the House.
