Vice Chairman of the Telangana State Planning Board B. Vinod Kumar has welcomed the measures announced by Union Finance Minister Nirmala Sitharaman to reverse the macro economic slowdown, but observed that it would also lead to cut in devolution of funds to States and also spending on development and welfare schemes. In a statement issued on Friday, Mr. Kumar said the steps announced were timely and appropriate. He said the impact was felt immediately in the stock markets. With reduced corporate tax structure India would become more competitive in the World arena, he felt.

However, MIM president Asaduddin Owaisi was critical of Centre’s move and charged the government with ‘enriching big businesses’ in the name of ‘stimulus package’. In a series of tweets, Mr Owaisi said, “You raided the RBI’s coffers as it was short on revenue, but cannot show the same determination in increasing corporate tax revenue. Username: stimulus package Password: enrich only big businesses.’ Mr Owaisi sought to know why there is no ‘stimulus package for working families, including reduction in taxes. Corporations get loans written off & their tax liability is slashed. Debt-ridden farmers & unemployed young men with education loans are asked to fend for themselves Rob the poor, reward the rich,” he tweeted.