Mumbai, Feb 1 (IANS): Shiv Sena President Udhav Thackeray on Wednesday asked why the Union Budget should be present every year without implementing the announcements of the previous year.

"Has the government implemented all the announcements of the last year's budget? If they have not been fulfilled, then what was the need to present a new budget this year?" Thackeray asked in a pointed reaction to the Union Budget 2017-2018 table before parliament.

He added that big industrialists have destroyed the banks in the country and the government has recovered debts from the common man through the demonetisation route.

"I believe that the money deposited by the commoners is being diverted to write off the debts of these industrialists and there is a move to give the same money back to the industrialists," Thackeray alleged.

If this happens, he warned that within five years "the countrymen will get only begging bowls in their hands". The Shiv Sena is a constituent of the ruling NDA at the centre and in alliance with Bharatiya Janata Party in Maharashtra.

On the budget, Thackeray expressed disappointment saying its suggestions on increasing the minimum income tax slab to Rs 5 lakh and raising the interest rates on fixed deposits by senior citizens was not considered.

Earlier this month, Thackeray was among the first to demand postponement of this year's budget in view of the assembly elections in five Indian states, Uttar Pradesh, Punjab, Uttarakhand, Manipur and Goa, starting from Saturday, besides civic elections in Maharashtra.