New Delhi [India], February 10 (ANI): Congress chief P Chidambaram on Monday slammed the federal government over the Union Budget 2026, saying it’s ‘parsimonious, forgetful of the previous 12 months’ and can vanish from reminiscence of individuals.
Initiating the talk on Union Budget within the Rajya Sabha, Chidambaram stated that in funds dialogue, each topic, each ministry, each division for whom cash is allotted and an appropriation is sought may be mentioned.
Chidambaram stated lots of people placed on a whole lot of work and do a whole lot of analysis and evaluation to organize the Economic Survey.
‘I wonder if the federal government and its key ministers learn the financial survey. The most charitable view is that they do not look after the Chief Economic Adviser. The uncharitable view is that whereas the Chief Economic Adviser is bringing the federal government all the way down to earth, what is going on across the nation, I believe the federal government and the ministers wish to soar excessive and attain one other planet, as if we aren’t residing on earth,’ he stated.
The former Finance Minister stated there are a variety of challenges listed within the Economic Survey.
‘I’ll take up solely 4 challenges: Capital Investment. For some years now, for nearly 12 years, capital funding gross mounted capital formation is caught at 30% of GDP. Net FDI in 2024-25 has collapsed to lower than 0.09%. FPIs, overseas portfolio traders are pulling out. Private funding, though firms are money wealthy, is caught at 22% of GDP. In this case the place neither the general public sector nor the personal sector nor the overseas investor is investing in India, this authorities has reduce capital expenditure,’ he stated.
Referring to unemployment, he stated the youth unemployment is 15%, lower than 25% of the workforce is in common employment. He stated there are extra employees are within the agriculture sector than they had been 4 or 5 years in the past.
‘Only in a rustic with 144 crore individuals, just one 195 lakh, that’s lower than 2 crore, are employed in a manufacturing unit. Manufacturing, which is essentially factories, is caught at 16% for a lot of, a few years. I’ll provide you with an instance. The PM internship scheme was touted final 12 months. The Finance Minister made that assertion. Corporate homes had been persuaded to supply internship.’ He stated of 1.65 lakh gives that got here, solely thirty-three thousand had been accepted.
‘Are they no younger women and men to just accept an internship in huge firms? Of the thirty-three thousand who accepted, six thousand left the job. So, what’s unsuitable with the internship scheme? She touted it final 12 months. She should clarify why the scheme is completely failed this 12 months,’ he stated.
Chidambaram stated the federal government’s ‘Reform Express is caught’. ‘Look on the nominal progress charge. The nominal progress charge in 2023-24 was 12%. In 24-25, it got here all the way down to 9.8%. In 25-26, the 12 months which is able to finish in a month, it is come down to eight%. Where is the reform categorical gathering momentum? You check with the actual GDP progress, actual GDP progress. But Dr. Surjit Bhalla, considered one of your strongest supporters, has mocked the actual GDP progress. That’s as a result of your CPI inflation is half a per cent, your wholesale inflation is damaging, your deflator is barely 0.5. With these numbers, you possibly can all the time make a GDP progress. But the nominal progress has come down from 12% in 23-24 to 9.8% in 24-25 and eight% in 25-26,’ he stated.
Chidambaram stated the fiscal consolidation is sluggish. ‘The fiscal deficit in 25-26 is 4.4%. She has achieved her goal. For subsequent 12 months, it’s going to come down solely to 4.3% and the income deficit within the present 12 months might be 1.5% and subsequent 12 months additionally it’s going to stay at 1.5%. Now what’s the FRBM goal? FRBM goal is 3% of fiscal deficit and the income deficit, the best is to eradicate the income deficit, however it may be as much as 1%. At this charge, at this charge of consolidation, it’s going to take 12 years to realize the FRBM goal,’ he stated.
He stated there was sizeable cuts in expenditure in agriculture and rural improvement and Jal Jeevan Mission.
Participating in a debate, Congress chief Randeep Singh Surjewala stated the Union Budget has duped villages, farmers and marginalised sections of society.
Surjewala asserted that the Budget’s priorities and allocations are opposite to the pursuits of rural India, farmers, the poor and disadvantaged courses.
He claimed the federal government has ‘sacrificed the pursuits of farmers beneath the India-US commerce deal’.
He stated that the Budget cuts provisions and outlays for needy sections.
Surjewala described Budget 2026 as ‘politically directionless’ and ‘policy-wise bankrupt’, arguing it incorporates technical jargon with no substantive deliverables. (ANI)