Chidambaram Critiques Job Creation Measures in Union Budget 2024-25

During the Rajya Sabha discussions on the Union Budget 2024-25, Congress leader P Chidambaram highlighted unemployment as the main challenge. Skeptical of new employment schemes, he requested transparency in job statistics from the government. Finance Minister Nirmala Sitharaman outlined new incentives aiming to address job creation issues.

In the Rajya Sabha on Wednesday, Congress leader and former finance minister P Chidambaram highlighted unemployment as a critical issue during the discussions on the Union Budget 2024-25. He cited CMIE data showing a 9.2% unemployment rate for June 2024 as a significant concern.

Chidambaram criticized the Production Linked Incentives (PLI) scheme, questioning its effectiveness and requested Finance Minister Nirmala Sitharaman to disclose job creation figures from the scheme. He expressed doubts about the new Employment Linked Incentives (ELI) scheme's ability to meet its goals, citing historical shortcomings in similar initiatives.

Finance Minister Sitharaman introduced three new ELI schemes to boost employment. The initiative includes a one-month wage subsidy for first-time employees registered in the EPFO, with an anticipated benefit for 210 lakh youths. Chidambaram urged serious consideration of unemployment while also addressing issues of inflation, wages, and federalism.