Rajya Sabha echoed with sharp rebukes on Monday as P. Chidambaram, Congress stalwart and ex-Finance Minister, tore into the 2026-27 Budget, calling it eminently forgettable and soon-to-be-forgotten. Central to his tirade: 15% unemployment among youth, with regular employment eluding over 75% of the workforce.
Challenging the government’s engagement with the Economic Survey’s 700+ pages, he highlighted its stark alerts on investment slump, job drought, and growth lethargy. The NDA regime stands exposed in its inability to tackle these, he asserted.
Investment indicators are flashing red: GFCF plateaued at 30% GDP, net FDI a pitiful sub-0.09% in 2024-25. Corporates flush with funds invest privately at just 22%. Unexplained capex reduction of Rs 44,000 crore for 2025-26 signals investment drought across sectors.
Job trends veer towards informal and agrarian pursuits. Only 19.5 million in manufacturing for 1.44 billion Indians; sector share static at 16% GDP. Youth jobless rate: 15%; regular gigs under 25%.
PM’s Internship Scheme? A resounding failure—33,000 of 1.65 lakh selected, 6,000 enduring. Finance Minister must account for it, demanded Chidambaram. Budget skimps on schemes, axes funds for defense, R&D, welfare, urban infra.
‘Reform express’ isn’t derailed—it’s immobilized. GDP nominal growth decelerates sharply. Real figures suspect amid low CPI, WPI deflation, 0.5% deflator. Deficit tweaks minor, sustained by cuts (Rs 1T) and RBI dividend (Rs 3T).
Visionless and challenge-ignoring, this Budget fades fast, he warned.