The budget is "a complete lack of any introspection," CPI MP Binoy Viswam said.
Left parties on Monday hit out at the government over the union budget, terming it as "rhetoric" and stating that it only benefitted corporates.
CPI(M) general secretary Sitaram Yechury said the budget is neither for the people nor for the much publicised "V-shaped revival of the economy, but for a K-shaped rich becoming richer, poor poorer."
"Budget projecting self-reliance promotes self-subservience to corporate profits through a loot of national assets and large-scale privatisation. FDI limits in LIC and financial sector hiked for profit maximisation. Pandemic misery growing and health allocation reduced. Unemployment mounts and MNREGA cut by 42 per cent," he said.
"Kisan protests raging and agriculture allocations reduced. Promising MSP but allocation for price support schemes reduced. Soaring petrol prices but additional cess on petroleum products," he said.
He further said more investment does not guarantee growth as there are no buyers for products.
"This will only increase profits when during this pandemic top 100 billionaires become wealthier by Rs 13 lakh crore," Mr Yechury said.
CPI MP Binoy Viswam said the budget was "another masterstroke in rhetoric and grandstanding that has become the hallmark of this government".
"The Finance Minister found in the pandemic an excuse for the sorry state of the Indian economy while conveniently ignoring the fact that the economy was already in crisis even before the Covid-19 pandemic hit," Mr Viswam said in a statement.
"A complete lack of any introspection or even acknowledgement of the state of the economy, in either the budget or economic survey, has once again left many doubts about whether these measures will provide any course correction for our economy," he said.
The MP further said the "grandstanding" by the minister throughout this budget was a "clever" ploy to distract from the core issues of unemployment, poverty, unequal distribution of wealth and the diminishing rights of workers across the economy.
"Given the severe crisis in consumption and employment, especially in the rural areas, the lack of any redressal of the MNREGA scheme is deeply worrying and signals the true intention of the government that is focused on making the rich richer while the poor struggle to survive," he said,
"What is clear from this budget is that this government pays only lip service to the plight of the poor and workers while ensuring the interests of large corporates and big business," he said.