P Chidambaram Comments on Union Budget 2024-25 and New Employment Schemes
New Delhi, July 23: Senior Congress leader P Chidambaram noted that there are ‘missed opportunities’ in the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman. He mentioned that the Employment-linked incentive (ELI) and Apprenticeship scheme were ideas from the Congress manifesto.
Chidambaram’s Remarks
Chidambaram, a former Finance Minister, welcomed the abolition of the Angel Tax, which the Congress had also proposed. He expressed happiness that the Finance Minister adopted ideas from the Congress Manifesto but wished more ideas had been included.
Jairam Ramesh’s Comments
Congress leader Jairam Ramesh criticized the employment scheme, calling it a headline-grabbing move rather than a guaranteed program. He noted that the scheme was similar to the Congress’s proposed Apprenticeship Program.
Details of the New Schemes
Finance Minister Nirmala Sitharaman proposed creating employment for about 4.1 crore youth over the next five years through three schemes under the Prime Minister’s package:
- Scheme A: Provides one-month wage to new workforce entrants in formal sectors, benefiting 210 lakh youth.
- Scheme B: Incentivizes additional employment in manufacturing, benefiting 30 lakh youth and their employers.
- Scheme C: Covers additional employment in all sectors, reimbursing employers for EPFO contributions, benefiting 50 lakh persons.
The government will also set up working women hostels, establish creches, and organize women-specific skilling programs.
Additional Initiatives
A new centrally sponsored scheme will skill 20 lakh youth over five years, upgrade 1,000 Industrial Training Institutes, and revise the Model Skill Loan Scheme to facilitate loans up to Rs 7.5 lakh. Financial support for higher education loans up to Rs 10 lakh will be provided, benefiting 1 lakh students annually.
Another scheme will offer internship opportunities in 500 top companies to one crore youth over five years, with an internship allowance and training cost support from companies’ CSR funds.
Doubts Revealed
P Chidambaram -: P Chidambaram is a senior leader of the Congress party in India. He has also served as the Finance Minister of India in the past.
Union Budget -: The Union Budget is a financial plan presented by the government of India every year. It outlines the government’s revenue and expenditure for the upcoming year.
Employment-linked incentive (ELI) -: The Employment-linked incentive (ELI) is a scheme that provides benefits to companies that create new jobs. It aims to encourage businesses to hire more people.
Apprenticeship scheme -: An Apprenticeship scheme is a program where young people can learn a trade or skill by working with experienced professionals. It helps them gain practical experience and improve their job prospects.
Finance Minister Nirmala Sitharaman -: Nirmala Sitharaman is the current Finance Minister of India. She is responsible for presenting the Union Budget and managing the country’s finances.
4.1 crore youth -: 4.1 crore youth means 41 million young people. The government aims to create jobs for this large number of young individuals through various schemes.
Jairam Ramesh -: Jairam Ramesh is another senior leader of the Congress party in India. He often comments on government policies and programs.
