The Congress party has slammed the Union Budget brought out by the Modi government at a time when the sensex today nosedived 900.29 points to 39,805.61. Nifty sank 276.85 points to 11,685.25.

Former Finance Minister and senior Congress leader P Chidambaram said, "The government does not believe in reforms and certainly not in structural reforms. The Finance Minister has outright rejected every reform idea contained in the Economic Survey. Did she read it at all?"

He added, "In 2019-20, she failed to meet any of the key Basic Estimates targets - nominal GDP growth, fiscal deficit, net tax revenue collection, disinvestment revenue or total expenditure. There is no assurance that she will meet targets set for 2020-21."

The opposition party further said, "Another pressing question that arises is what trends is the Finance Minister basing the prediction regarding the GDP on? Gross Value Addition has fallen from 11.1% in FY19 to 7.6% in FY20. Every economic indicator has fallen & Real GDP is at an 11 year low."

The party is also likely to oppose the listing of LIC in IPO.