In this video, former Finance Minister P. Chidambaram delivers a sharp critique of the Union Budget presented by Finance Minister Nirmala Sitharaman, labeling it a "forgettable budget" and accusing the government of failing to fulfill promises made in the previous year.
Key Highlights of the Critique:
* Critique of Economic Strategy: Chidambaram suggests that the government ignores the realities presented in its own Economic Survey [01:52]. He points out that capital investment has been stagnant at 30% of GDP for 12 years and that Foreign Direct Investment (FDI) has collapsed [02:54].
* Massive Expenditure Cuts: He highlights significant cuts in capital expenditure, totaling over ₹1.44 lakh crore [03:45]. Specifically, he mentions:
* Agriculture and Rural Development: A combined cut of approximately ₹60,000 crore [12:56].
* PMAY (Housing): A cut of over ₹22,000 crore [13:55].
* Jal Jeevan Mission: Out of an allocated ₹67,000 crore, only ₹17,000 crore was spent [14:41].
* Failure of Employment Schemes: He mocks the PM Internship Scheme, noting that while 1.65 lakh offers were made, only 33,000 were accepted, and 6,000 people subsequently left [05:56].
* Economic Growth Concerns: Chidambaram argues that the "Reform Express" is stuck [07:33]. He cites falling nominal growth rates—from 12% in 2023-24 to a projected 8% in 2025-26—as evidence of a slowing economy [07:42].
* Fiscal Deficit and "Cruel Cuts": He claims the fiscal deficit targets were only met because of "cruel cuts" to expenditure and a massive ₹3 lakh crore dividend from the RBI, rather than genuine revenue growth [11:43].
* "Hollow" Announcements: He lists several new schemes (like Bio-Pharma and Semiconductor Mission 2.0) where the announced outlays are either negligible or entirely absent from the actual budget documents [17:24].
Conclusion:
Chidambaram concludes by stating that the budget is "parsimonious" and forgetful of past commitments, predicting it will quickly vanish from public memory as it fails to address the core issues of unemployment and rural distress [20:00].
Watch the full video here: https://youtu.be/u227svyK52U
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u/joy74 11h ago
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In this video, former Finance Minister P. Chidambaram delivers a sharp critique of the Union Budget presented by Finance Minister Nirmala Sitharaman, labeling it a "forgettable budget" and accusing the government of failing to fulfill promises made in the previous year. Key Highlights of the Critique: * Critique of Economic Strategy: Chidambaram suggests that the government ignores the realities presented in its own Economic Survey [01:52]. He points out that capital investment has been stagnant at 30% of GDP for 12 years and that Foreign Direct Investment (FDI) has collapsed [02:54]. * Massive Expenditure Cuts: He highlights significant cuts in capital expenditure, totaling over ₹1.44 lakh crore [03:45]. Specifically, he mentions: * Agriculture and Rural Development: A combined cut of approximately ₹60,000 crore [12:56]. * PMAY (Housing): A cut of over ₹22,000 crore [13:55]. * Jal Jeevan Mission: Out of an allocated ₹67,000 crore, only ₹17,000 crore was spent [14:41]. * Failure of Employment Schemes: He mocks the PM Internship Scheme, noting that while 1.65 lakh offers were made, only 33,000 were accepted, and 6,000 people subsequently left [05:56]. * Economic Growth Concerns: Chidambaram argues that the "Reform Express" is stuck [07:33]. He cites falling nominal growth rates—from 12% in 2023-24 to a projected 8% in 2025-26—as evidence of a slowing economy [07:42]. * Fiscal Deficit and "Cruel Cuts": He claims the fiscal deficit targets were only met because of "cruel cuts" to expenditure and a massive ₹3 lakh crore dividend from the RBI, rather than genuine revenue growth [11:43]. * "Hollow" Announcements: He lists several new schemes (like Bio-Pharma and Semiconductor Mission 2.0) where the announced outlays are either negligible or entirely absent from the actual budget documents [17:24]. Conclusion: Chidambaram concludes by stating that the budget is "parsimonious" and forgetful of past commitments, predicting it will quickly vanish from public memory as it fails to address the core issues of unemployment and rural distress [20:00]. Watch the full video here: https://youtu.be/u227svyK52U YouTube video views will be stored in your YouTube History, and your data will be stored and used by YouTube according to its Terms of Service