With Finance Minister Nirmala Sitharaman’s Union Budget 2024 focussing heavily on job generation, the Congress on Tuesday alleged that the government had borrowed heavily from the grand old party’s Lok Sabha election manifesto.
Sitharaman presented the Budget for 2024-25, her seventh straight presentation, surpassing the record of former prime minister Morarji Desai. This was the first Budget of Prime Minister Narendra Modi-led NDA government’s third term in office.
In her Budget speech, Sitharaman announced that the government will launch three employment-linked schemes. These schemes will be based on enrolment in the Employees’ Provident Fund Organization (EPFO), Sitharaman said in the Lok Sabha.
The first Congress reaction to the Budget came from Jairam Ramesh who credited Rahul Gandhi with bringing the unemployment crisis to national focus during the general elections.
Congress general secretary in-charge of communications Jairam Ramesh said: “After ten years of denial — where neither the non-biological PM nor his party’s Lok Sabha Elections Manifesto would even mention jobs — the Union Government seems to have finally come around to tacitly admitting that mass unemployment is a national crisis that requires urgent attention.”
After ten years of denial – where neither the non-biological PM nor his party's Lok Sabha Elections Manifesto would even mention jobs – the Union Government seems to have finally come around to tacitly admitting that mass unemployment is a national crisis that requires urgent…— Jairam Ramesh (@Jairam_Ramesh) July 23, 2024
Ramesh alleged that the budget announcement on facilitating internships was “clearly modelled” on Congress’s Nyay Patra 2024. As per Nirmala Sitharaman’s announcement, the scheme would provide internship in top 500 companies to 1 crore youth in five years. Interns will be given Rs 5,000 per month along with one time assistance of Rs 6,000.
“The Finance Minister has taken a leaf out of the INC’s Nyay Patra 2024, with its internship program clearly modelled on the INC’s proposed Apprenticeship Program that was called Pehli Naukri Pakki. However, in their trademark style, the scheme has been designed to grab headlines, with arbitrary targets…”
The Finance Minister has taken a leaf out of the INC's Nyay Patra 2024, with its internship program clearly modelled on the INC's proposed Apprenticeship Program that was called Pehli Naukri Pakki. However, in their trademark style, the scheme has been designed to grab… pic.twitter.com/1viGt9rgfg
— Jairam Ramesh (@Jairam_Ramesh) July 23, 2024
Senior Congress leader P Chidambaram also took a swipe at the government over the Union Budget, saying he is glad that Finance Minister Nirmala Sitharaman read the Congress 2024 manifesto after the Lok Sabha poll results.
In a post on X, Chidambaram said: “I am glad to know that the Hon’ble FM has read the Congress Manifesto LS 2024 after the election results. 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. I wish the FM had copied some other ideas in the Congress Manifesto. I shall shortly list the missed opportunities,” the former finance minister said.
The move to claim credit for the internship scheme is also in keeping with the Congress’s attempts to woo the student community disillusioned by paper leaks and the NEET controversies. Rahul Gandhi, during his campaign rallies, had widely talked about the Congress’s promise to give Rs 1 lakh apprenticeship stipend for diploma holders below the age of 25 years. The central government scheme, however, does not put forth any such condition.
The Congress also claimed that much of the budget provisions have been picked up from the Congress manifesto, citing the employment-linked incentive as an example.
With the unemployment crisis being counted as a major factor in the BJP’s diminished performance in the Lok Sabha elections, it does not come as a surprise that job generation is the big focus in the Union Budget 2024.
Finance Minister Nirmala Sitharaman also said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.
Presenting the Budget for 2024-25, she announced a hike in STT (securities transaction tax) on F&O (futures and options) securities by 0.02% and 0.1%. Income receipt on share buyback will be taxed in the hands of recipients, Sitharaman added.
The Finance Minister further announced abolishing angel tax for all classes of investors in startups. “First of all, to bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors,” she said.
The removal of the angel tax is expected to be a boost for startups as it will help in promoting a more conducive environment for them.
Stay informed with our comprehensive coverage of Union Budget 2024. Get the latest on new income tax slab rates for AY 2024-25 in Income Tax Slabs Budget 2024 LIVE Updates . Track the impact of Budget 2024 on the stock market in Stock Market Budget Day 2024 LIVE Updates. Watch Union Budget LIVE Streaming here
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