New Delhi, Feb 9: Rajya Sabha MP Raghav Chadha delivered a detailed critique of the Union Budget on Monday, advocating for a balanced economic approach that protects small investors while fostering structural transparency. Presenting his analysis under the theme “The Good, The Bad, and The Way Forward,” Chadha urged the government to address the financial squeeze on the salaried middle class and modernize national infrastructure through digital innovation.
Chadha welcomed the increase in Securities Transaction Tax (STT) on derivatives as a means to curb speculative gambling, noting that a vast majority of retail investors suffer losses in high-risk trading. However, he cautioned that combining STT with Long-Term Capital Gains (LTCG) tax disincentivizes genuine wealth creation.
“Supports STT hike, calls for zero LTCG on equities,” Raghav Chadha said during his intervention. He mentioned that eliminating LTCG for individual investors would align India with global financial hubs like Singapore and Switzerland, effectively channeling savings into productive assets.
The MP expressed significant concern regarding stagnant income tax slabs, noting that rising inflation in education, healthcare, and transport is eroding the purchasing power of the workforce. He proposed doubling the standard deduction to ₹1.5 lakh to provide immediate relief.
“Middle class getting crushed, needs immediate tax relief,” Chadha noted. He directly said that for the first time, personal income tax collections have surpassed corporate tax, yet the middle class remains sandwiched between subsidies for the poor and debt waivers for the wealthy.
Looking ahead, Chadha proposed a legislative shift toward blockchain-based land registries to eliminate property disputes and fraud. He highlighted international success stories in Georgia and Dubai, where such systems have reduced verification times to minutes.
“Blockchain-based land registry should be proposed to reduce property disputes,” Raghav Chadha suggested. He also called for an Inflation-Linked Salary Revision Act to protect the formal workforce from real-wage decline, ensuring that incomes keep pace with the cost of living.
