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Copied ideas from Congress Manifesto’: Former FM P. Chidambaram takes a swipe at Nirmala Sitharaman over employment schemes in Budget 2024
In response to the presentation of the 11th Union Budget by the Finance Minister Nirmala Sitharaman, Congress leader and former Finance Minister P. Chidambaram, expressing his satisfaction with certain aspects of the Budget, noted that the portion about employment generation was taken directly from the Congress Manifesto.
Chidambaram highlighted that the finance minister seems to have taken inspiration from the Congress Manifesto, which the party had brought out for the 2024 Lok Sabha elections. He particularly noted the adoption of the Employment-linked Incentive (ELI) scheme, which was outlined on page 30 of the Congress Manifesto. According to Chidambaram, the inclusion of this scheme in the Budget signals a positive step towards addressing employment issues.
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“I am happy she has virtually adopted the Employment-linked incentive (ELI) outlined on page 30 of the Congress Manifesto. I am also happy that she has introduced the Apprenticeship scheme along with an allowance to every apprentice spelt out on page 11 of the Congress Manifesto,” he wrote on X.
Additionally, Chidambaram welcomed the introduction of the new Apprenticeship scheme and the provision of an allowance for apprentices, as detailed on page 11 of the Congress Manifesto. He lauded these initiatives and said they align with the Congress Party’s vision for enhancing vocational training and supporting young professionals.
However, Chidambaram also expressed a desire that the Finance Minister could have incorporated other proposals too from the Congress Manifesto. He indicated that there are several missed opportunities which he plans to outline in detail soon.
In her seventh Union Budget address, Sitharaman unveiled three new employee-linked incentive schemes aimed at bolstering job creation and supporting both employers and employees. These initiatives, part of the Prime Minister’s employment package, focuses on enhancing participation in the Employee Provident Fund Organisation (EPFO) and recognizing first-time employees.
Scheme A is designed to encourage EPFO enrollment among first-time job seekers. This scheme offers a one-month wage payout in three installments, up to Rs. 15,000 per month, for formal sector employees with a salary cap of Rs. 1 lakh. This Direct Benefit Transfer (DBT) initiative is projected to assist 21 million young workers, according to the Finance Minister.
Scheme B targets job creation in the manufacturing sector. It provides incentives for additional employment linked to first-time employees, offering benefits to both employees and employers related to EPFO contributions for the first four years of employment. This scheme aims to support 3 million new workers and their employers.
Scheme C is focused on providing support to employers across all sectors. Employers will receive a reimbursement of up to Rs. 3,000 per month for two years for EPFO contributions towards each additional employee earning up to Rs. 1 lakh. This scheme is expected to drive the creation of 5 million additional jobs.
In addition to these schemes, Sitharaman announced measures to boost female workforce participation, including the establishment of working women’s hostels and creche facilities through industry partnerships. The budget also includes women-specific skilling programs and efforts to enhance market access for women-led Self-Help Group (SHG) enterprises.
