New Delhi
During the Rajya Sabha discussions on the Union Budget 2024-25, Congress leader and former finance minister P. Chidambaram identified four major economic challenges, with unemployment as the most pressing. According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate for June 2024 is 9.2%. Chidambaram stressed the need for more job opportunities and questioned the effectiveness of the Production Linked Incentives (PLI) scheme, asking for data on jobs it created. He also expressed doubt about the new Employment-Linked Incentives (ELI) scheme’s ability to provide jobs for 290 lakh people, as claimed.
Chidambaram questioned the Reserve Bank of India’s report of 4.67 crore jobs created in FY24, citing 50 lakh applications for 60,000 police posts in Uttar Pradesh as evidence of a job crisis. He urged serious attention to unemployment and said Congress would monitor the ELI scheme’s success.
Finance Minister Nirmala Sitharaman announced three ELI schemes as part of the Prime Minister’s package, focusing on new EPFO enrollees. The schemes offer direct benefit transfers of one month’s salary, up to ₹15,000, to first-time employees. The government aims to benefit 210 lakh youth, covering EPFO contributions for new employees. Employers can receive up to ₹3,000 per month for two years per additional employee. Chidambaram also raised concerns about inflation, wages, and federalism.
