Former Finance Minister P Chidambaram's critique of the Union Budget - 2024 | Full Speech

Summary

The speaker addresses the Finance Minister, urging the government to adopt ideas from the Congress Manifesto for job creation and tackling unemployment, expressing skepticism about the effectiveness of the Employment Linked Incentive (ELI) scheme. They highlight the seriousness of inflation, criticizing the government's dismissal of the issue and questioning the RBI's stance on it. The speaker also emphasizes the need for relief for the bottom 50% of the population, the importance of addressing daily laborers' conditions, and criticizes the government's approach to federalism. They conclude with five demands, including a minimum wage, legal MSP, and the abolition of the Agnipath scheme.

Takeaways

• 📜 The speaker commends the Finance Minister for incorporating employment-linked incentive schemes and other ideas from the Congress Manifesto in her speech.
• 📚 The speaker encourages members of the treasury benches to read the Congress Manifesto for potential policy inspiration, humorously stating that copying is encouraged in the house.
• 🔍 The speaker expresses concern over the lack of clarity in the Employment Linked Incentive (ELI) scheme, questioning its effectiveness and the discrepancy in the number of industries targeted.
• 📉 The speaker highlights the issue of unemployment, citing high application numbers for few job vacancies as evidence of the severity of the problem.
• 💼 The speaker criticizes the RBI's statement that there is no jobs crisis in India, arguing that it contradicts the evident high demand for employment opportunities.
• 📈 The speaker discusses the issue of inflation, pointing out the difference between official statistics and the actual experienced rates in rural and less accessible areas.
• 💔 The speaker emphasizes that inflation is a serious issue affecting every family and criticizes the Finance Minister for dismissing it in a mere 10 words.
• 🤔 The speaker questions the government's economic growth figures, challenging the methodology used to calculate the GDP and the adoption of certain deflators.
• 💰 The speaker raises the issue of wages, pointing out that the majority of taxpayers have zero tax liability and questioning the relief provided to the bottom 50% of the population.
• 🏛 The speaker addresses the issue of federalism, criticizing the central government for selectively providing relief to certain states and undermining the autonomy of state governments.
• 📣 The speaker concludes with five demands, urging the Finance Minister to adopt these policies from the Congress Manifesto, and insists on receiving a response to these demands.

Q & A

What is the Employment Linked Incentive Scheme mentioned in the speech?

The Employment Linked Incentive Scheme is a policy initiative aimed at creating jobs, although the specific details and outcomes of this scheme are not clearly outlined in the script.

Why does the speaker urge the Finance Minister to read the Congress Manifesto?

The speaker believes that the Congress Manifesto contains good ideas, particularly on pages 11, 30, and 31, and hopes that adopting these ideas will lead to more effective policies.

What is the speaker's view on copying ideas from the Congress Manifesto?

The speaker encourages the idea of copying, stating that it is not prohibited and is even rewarded in the house, suggesting that borrowing good ideas can lead to better policies.

What is the estimated all India unemployment rate mentioned in the script?

The script mentions an estimated all India unemployment rate of 9.92% for June 2024, as per the Center for Monitoring Indian Economy.

What is the Production Linked Incentive scheme referred to in the script?

The Production Linked Incentive scheme is a previous initiative aimed at boosting production, but the speaker suggests it did not create the desired number of jobs, leading to the introduction of the Employment Linked Incentive scheme.

What is the speaker's opinion on the outcome of the Production Linked Incentive scheme?

The speaker is critical and suggests that the scheme did not meet its job creation goals, prompting the need for a new employment-linked incentive.

What is the significance of the figures mentioned regarding job applications and vacancies in various sectors?

The figures highlight the magnitude of unemployment in India, showing a stark contrast between the number of job vacancies and the large number of applicants for those positions.

What does the speaker imply about the RBI's statement on the jobs crisis in India?

The speaker criticizes the RBI's statement that there is no jobs crisis in India, implying that it is out of touch with the reality of high unemployment rates and the struggles faced by job seekers.

What are the speaker's views on the issue of inflation as discussed in the script?

The speaker is critical of the Finance Minister's dismissal of inflation as a trivial subject, arguing that it significantly impacts families and the economy, and that the government should take it more seriously.

What is the speaker's stance on the government's approach to federalism?

The speaker criticizes the government for perceived favoritism towards certain states, suggesting that this undermines the principles of federalism and equal treatment of all states.

What are the five demands made by the speaker in the script?

The five demands are: 1) A minimum wage of 400 rupees per day for all employment, 2) A legally guaranteed Minimum Support Price (MSP) for farmers, 3) Write-off of unpaid interest or installments of educational loans up to March 2024, 4) Abolition of the Agnipath scheme, and 5) Scrapping of the Meat Act, with exceptions for states that wish to keep it.