The Communist Party of India on Wednesday panned the Union Budget for being pro-corporate and said it reflected the casual approach of the Narendra Modi government in taking on the crisis-ridden economy.

"The Union budget including the railway budget contains nothing concrete for the common people but all indications that while lower income sections will be further burdened and its real patrons, the corporate houses will be given all facilities and concessions," the party said in a statement.

It also said that Finance Minister Arun Jaitley failed to present any proposal to recover Non-Performing Assets (NPAs) that "had pushed the nationalised banks to bankruptcy due to which demonetisation strike was conducted".

"The Finance Minister failed to give any concessions to the farmers who are committing suicide. The limit of bank loan has been increased but there is no assurance to waive their loans, the main cause for suicide," it said. 

The party also accused the government of going ahead with its "madness" of privatising education and health care sectors.

"The budget also indicates further weakening of the public sector units. Disinvestment will be carried forward with much more vigour. The government is bent upon dismantling the PSUs. Foreign investors will enter in all sectors of economy as FDI norms are going to be further liberalised," the party said. 

The CPI also called "sheer nonsense" the proposal to limit cash donations to political parties to Rs 2,000 from the current Rs 20,000. 

"Let us have electoral reform and bring political parties under RTI Act," it said.

"Overall the Union budget reflects the casual approach the Narendra Modi government had been taking on the crisis-ridden economy of the country," it added.