Budget 2024 Reactions Highlights: Nothing in Budget speech gives us confidence that govt will seriously tackle issue of inflation, says Chidambaram

The increased emphasis on road connectivity projects, investment-ready industrial parks, and energy transition initiatives will enhance logistics efficiency and reduce transportation costs,  Mahindra Logistics Ltd CEO and MD Rampraveen Swaminathan said. "The budget's balanced approach to infrastructure investment, technological adoption, and sustainable practices lays a strong foundation for India's emergence as a powerful global logistics hub," Swaminathan added.

A few labour-related measures such as integration of e-shram portal with other portal and mechanism to connect job aspirants and skill providers will help address skill gap challenges, said Dr. Rumki Majumdar, Economist, Deloitte India. "Land reforms have been an ask for a long time and the budget has a lot of measures in this regard in the form of digitisation (GIS systems) of land records and linking on taxation and urban planning, etc," Majumdar said.

Chirag Agarwal, Partner & Head, Corporate Finance, Deloitte India, said that abolishing angel tax may encourage more investors to explore and support promising early-stage ventures, driving economic growth and job creation. Agarwal said that it would "certainly help young, new-age companies access capital from HNIs and early-stage VCs ahead of ‘Series A’ fundraising processes."

Vinish Bawa, Partner and Leader Telecom , PwC India, said that with the increase in the basic customs duty of PCBAs used in various telecom equipment, the government has further incentivised the domestic manufacturing ecosystem, aligning the goals of the telecom sector with its Atmanirbhar Bharat vision. 'However, this development could also lead to a slowdown in the expansion of 5G services in the country since they are dependent on imports of specific equipment. Operators will be more cautious in their spends due to the extra duty which is levied and can increase their financial burden,' Bawa added.

“The GoI has accelerated the process of fiscal consolidation by targeting a reduced fiscal deficit to GDP ratio of 4.9% in 2024-25 as compared to 5.1% provided in the interim budget. Relative to 2023-24, when it was 5.6%, this implies a correction of 0.7% points. An important implication is that GoI’s gross and net market borrowings would be reduced in terms of magnitude which would now amount to RS. 14.01 lakh crore and INR11.63 lakh crore respectively in 2024-25. This turnaround would facilitate a reduction in policy interest rates and encourage private investment. The emphasis on fiscal consolidation implies reaching the FRBM target of 3% of GDP by 2027-28 with an annual correction of 0.7% points in the next two years followed by 0.5% points in 2027-28. In the medium-term therefore, the private sector would be progressively facilitated to increase its investment demand,” said Dr. Srivastava.

"Introducing a policy to promote pumped storage projects is a crucial development," Mynzo Carbon and SolarArise Founder Tanya Singhal said. "The Union Budget 2024-2025 has introduced several commendable initiatives that align with our expectations in renewable energy, energy storage technology, and promoting climate consciousness to the masses," Singhal said.

"The budget’s continued focus on infra development is welcome and we expect states to carry on with the policy thrust that was mentioned in the budget.  The country needs to look at sustainable construction technologies like pre-engineered and prefabricated buildings as India transitions to a green future. The policy thrust in the budget sets the tone for a transformative overhaul of India’s construction landscape encompassing sectors such as airports, medical colleges, stadia and industrial parks. This is expected to bring down on-ground gestation times, improve project economics and spur growth. The strong emphasis on skilling will also help to widen the pool of skilled labour primed to leverage the landscape of tomorrow," said Bothra.

The decision to reduce the TDS rate on e-commerce operators to 0.1% is a welcome move, says MakeMyTrip Group CEO and Co-Founder Rajesh Magow. "Furthermore, the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much desired relief to taxpayers who travel internationally," Magow said.

"The Union Budget 2024 focuses heavily on boosting housing and infrastructure, promising positive impacts," RMZ Real Estate President Arshdeep Sethi said. "One of the main highlights is the allocation of Rs 11.11 lakh crore for capital expenditure, which equals 3.4% of the GDP. This substantial investment aims to cultivate a conducive environment for developers, investors, and infrastructure firms to thrive and innovate," Sethi added.

The government is laying the groundwork for a stronger and more dynamic freight forwarding, shipping and logistics sector, Asia Shipping India CEO and Managing Director Amit Tandon said. "The FM brought the focus on the Purvodaya Plan, an all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh covering the human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat," Tandon said.

Announcements linked to duty exemptions of 25 minerals and metals is a welcome step and will further strengthen the manufacturing of electrical and renewable equipment, IEEMA President Hamza Arsiwala said. Arsiwala highlighted that "out of the nine priority areas identified by the government, energy security, infrastructure, innovation, employment & skilling, R&D and manufacturing are among the government's key focus areas."

It is encouraging to see the government's commitment to employment generation initiatives and youth skilling, aligned with evolving job requirements, Adobe India Vice President and Managing Director, Prativa Mohapatra, said. "Furthermore, technology serves as the underlying force reshaping industries and driving significant growth in government sectors, MSMEs, and emerging start-ups. To effectively harness these opportunities, it is crucial to enhance digital infrastructure to boost productivity and develop critical skills such as AI, creativity, and digital literacy in our youth," Mohapatra said.

Increased funding will likely lead to the development of advanced healthcare facilities, enhancing access to specialized treatments, including ophthalmology services, Dr Shashank Chaudhari, Managing Director of Shri Venkatesh Eye Institute, said. ".... the 2024 union budget's significant financial allocations for the healthcare sector reflect the government's commitment to enhancing health services across India," Chaudhari said.

Workruit CEO and Founder Manikanth Challa said that the introduction of the three Employment-linked incentive schemes is a substantial improvement over last year's broader initiatives. "One of the standout announcements is the launch of a scheme to provide internship opportunities to 1 crore youth, including placements in Fortune 500 companies. This initiative offers invaluable industry exposure and practical experience, significantly boosting the employability of our young professionals," Challa said.

Finance Minister Nirmala Sitharaman's Budget speech presents a well-rounded strategy for economic development, with a strong emphasis on women, youth, and marginalized communities, OmniScience Capital CEO and Chief Investment Strategist Dr Vikas V Gupta said. "A key highlight of the Budget is the stricter fiscal deficit target compared to the interim budget. This move underscores the government's commitment to fiscal responsibility, which is expected to enhance sovereign ratings and strengthen the currency in the long term," he added.

The move to abolish angel tax will encourage more entrepreneurs to step up and try their hand at business, Next Bharat Ventures CEO and Managing Director Vipul Nath Jindal said. "We appreciate the government’s effort to encourage and support the entrepreneurship ecosystem in India, with an increased focus on employment, skilling and MSMEs. Increased focus on the manufacturing and services sector, with emphasis on innovation, research and development also ensures that the Indian entrepreneurial system will have the support it needs to grow," he added.

The Budget 2024-25 is set to provide a significant impetus to mid-sized MSME manufacturers through various schemes and benefits, fostering growth and innovation, Officenet CEO Sonali Chowdhry said. "The creation of new employment opportunities and the introduction of easy education loans are expected to elevate the calibre of the emerging workforce," Chowdhry said.

The plan to provide corporate internships to one crore youth to bridge the gap between academia and industry is a standup initiative, GlobalGyan Leadership Academy CEO and Founder Srinivasa Addepalli. "The Budget 2024-25 prominently highlights employment and upskilling as key priorities, emphasizing their role in driving economic growth," Adepalli said. "Additionally, the budget's focus on skilling 20 lakh youth over the next five years through centrally sponsored schemes and upgrading 1,000 training institutes represents a major advancement," he added.

Leegality Founder and CEO Shivam Singla lauded the introduction of a credit guarantee scheme in the Union Budget, saying it facilitates term loans without the need for collateral or third-party guarantees. He said that this represents "a significant step towards empowering the growth of small and medium enterprises." 

Zishta Director and Co-Founder Meera Ramakrishnan applauded the the "visionary" budget, while saying that the allocation of Rs 2.66 lakh crore for rural development is a significant step towards empowering our artisans and craftsmen. "The focus on developing 100 weekly haats is also commendable, as it will create new opportunities for artisans to showcase their products to a wider audience," Ramakrishnan said.

The government has accelerated the process of fiscal consolidation by targeting a reduced fiscal deficit to GDP ratio of 4.9% in 2024-25 as compared to 5.1% provided in the interim budget, says EY India Chief Policy Advisor DK Srivastava. "Relative to 2023-24, when it was 5.6%, this implies a correction of 0.7% points. An important implication is that GoI’s gross and net market borrowings would be reduced in terms of magnitude which would now amount to INR14.01 lakh crore and INR11.63 lakh crore respectively in 2024-25," Srivastava said.

In line with the idea of creating 78.5 lakh jobs annually as enunciated in the Economic Survey 2024, the Union Budget 2024 has done a commendable job, says IAS Study Circle CEO Abhishek Gupta. "The budget allocation for Education, employment and skilling has been increased by 30% to Rs 1.48 lakh crores," Gupta pointed out. He also highlighted the introduction of the Revised Model Skill loan scheme to improve skill sets of youths.

We welcome the Union Budget 2024-2025 which focuses on positioning India as a global tourism hub through progressive initiatives, says Nikhil Sharma, Managing Director and Area Senior Vice President- South Asia, Radisson Hotel Group. "The development of road connectivity projects, with a special emphasis on spiritual and cultural corridors, underscores the Government of India’s commitment to fueling the growth of the country's rich cultural and spiritual network of tourism," Sharma said.

The focus on Pradhan Mantri Awas Yojna in the Union Budget will not only help address the shortage of affordable homes but also fulfill the needs of 1 crore urban poor and middle-class families, especially in rapidly growing cities, said Sumadhura Group Chief Managing Director Madhusudan G. "Post-pandemic, the affordable housing market has experienced a significant downturn from more than 22% in 2022 to around 20% in Q1 2024. Bridging the gap between the general real estate market and the affordable segment is an essential component for achieving the government’s 'Housing for All' vision," he added.

The Union Budget 2024 greatly supports small and medium businesses through policy interventions and the abolition of angel tax, Bhive Workspace CEO and Founder Shesh Rao Paplikar said. "Through simplification of access to credit for MSMEs by doubling the Mudra Yojna support to Rs 20 lakh, establishment of a new credit assessment model based on their digital footprint and providing support during stress period support will lead to the rapid germination of new age businesses across the country creating large-scale employment," he added.

The significant allocations to infrastructure development and technology upgrades highlight the government's commitment to enhancing domestic manufacturing capabilities, Continental Coffee Limited CEO Praveen Jaipuriar said. "Increased funding for the PLI (Production-Linked Incentive) scheme is expected to attract more investments and boost production capacity, enabling us to compete more effectively on a global scale," he added.

Jaipuriar said that although there were no specific expectations for the coffee manufacturing industry, they continued to remain "optimistic". "A future reduction in GST on products such as packaged foods and instant coffee, along with a decrease in import duty on green beans, would greatly support meeting market demand and improving the sustainability and profitability of coffee production," he said.

Arteria Technologies CEO and Founder Sriram Kanuri hailed the government's focus on the MSME sector and manufacturing in the Union Budget 2024. He highlighted the introduction of the credit guarantee scheme. "The proposed credit guarantee scheme of Rs 100 crore will surely modernize the manufacturing sector by enabling MSMEs to invest in advanced technologies and infrastructure. By providing financial support, the scheme strengthens the manufacturing ecosystem, fostering innovation and competitiveness," Kanuri said.

Congress leader Rahul Gandhi criticized the Union Budget on Tuesday, branding it a "Kursi Bachao (save your chair)" Budget. He alleged that the government made empty promises to its allies at the expense of other states.

Gandhi further contended that the Budget appeased cronies without offering relief to ordinary Indians, asserting it was merely a copy-paste of the Congress' previous Budget.

- PM Modi cites budget's stress on youth, says its measures will open many new opportunities for youngsters.

- This budget puts emphasis on manufacturing as well as infrastructure and it will speed up growth. 

- This budget will empower every section of society, he said. 

The Trinamool Congress today strongly criticized the BJP-led NDA government, stating that the Union Budget shows both financial mismanagement and political failures under the current regime.

Senior TMC leader Kunal Ghosh in a post on X said, "This budget should not be labeled as union budget. It is a budget to keep Andhra Pradesh and Bihar happy. To save one's chair and keeping some others in good humour."

Accusing the Modi government of neglecting West Bengal and replicating successful social welfare schemes pioneered by the Mamata Banerjee administration, Ghosh emphasised that the Budget failed to address the nation's core issues and merely manipulated statistics and rhetoric.

Here is what Defence Minister Rajnath Singh about the Union budget 2024:

- As far as the allocation to Ministry of Defence is concerned, I thank the Finance Minister for giving the highest allocation to the tune of Rs 6,21,940.85 Crore, which is 12.9 % of total Budget of GoI for FY 2024-25.

- The capital outlay of Rs 1,72,000 Crore will further strengthen the capabilities of Armed Forces. Earmarking of Rs, 1,05,518.43 Crore for domestic capital procurement will provide further impetus to Atmanibharta.

- I am pleased that Border Roads have been given 30% increase in allocation over the last budget under the capital head. This allocation of Rs 6,500 Crore to BRO will further accelerate our Border Infrastructure.

- To boost the startup ecosystem in Defence Industries, Rs 518 crore has been allocated to iDEX scheme to fund technological solutions given by startups, MSMEs and innovators. 

Sankey Prasad,Chairman & MD, India and CMD Middle East Project Leaders, Colliers

India’s rise as an economic powerhouse will be fueled further by today’s budget announcements. Most important is the announcement of abolishing angel tax that will inject a fresh lease of life to startup investments in India. Addressing the urban housing shortage for low- and middle-income households in India went from 18.78 million in 2012 to 29 million in 2018 and the government’s announcement of investing INR 10 lakh crore for 1 crore households will reduce that burden significantly. While creating the inventory of 1 crore or 10 million meets more than half of the current demand, it will also provide better access to asset creation opportunities to millions of Indians with their first homes. We also welcome the government’s focus on efficient and transparent rental housing markets that will provide an impetus to rationally-priced accommodation to people, potentially facilitating corporate access to a wider pool of talent base.

Angad Bedi,MD,BCD Group reacts to the Union Budget

"The Union Budget 2024 provides a progressive roadmap for the real estate sector. The emphasis on infrastructure development in the form of affordable housing programs, roadways, water supplies, sanitation, etc., ??will drive sustainable economic growth throughout the country. ??Moreover, the government's commitment to building an additional 3 crore houses under PMAY Urban 2.0 in rural and urban areas, supported by substantial allocations of Rs 10 lakh crore, which includes central assistance of 2.2 lakh crore rupees over the next five years, highlights its commitment to addressing the needs of urban poor and middle-class families. ??Additionally, Rs 2.66 crore announced for rural development will ensure a more balanced and sustainable real estate market besides contributing significantly to a stronger economy through optimised land use and adequate urban infrastructure. ??The call for states to lower stamp duty for women homeowners is another welcome step. ?

?We are optimistic that these steps will stimulate demand and attract substantial investments. ??However, granting the industry status to the real estate sector would have further strengthened the sector's resilience and growth potential by streamlining credit access. ??Nonetheless, we remain hopeful about the positive framework set by this year's budget."

NCP (SP) spokesperson Clyde Crasto on Tuesday said that the government presented a budget to benefit the NDA and not India. He said that "neglected people of Maharashtra would give a befitting reply to BJP in the forthcoming Vidhan Sabha Elections.

"NDA government knows that if the Budget is not favourable for Bihar and Andhra Pradesh, their government will fall," he said further. 

Maharashtra's Maha Vikas Aghadi (MVA) MPs have organised a protest inside the Parliament complex alleging discrimination towards the state in the Union Budget 2024-25.

"For youths, lakhs of job opportunities will be created, and for the middle class the new tax slabs for income tax announced in the budget are welcoming. This budget is a financial document that is a step towards India becoming a $ 5 trillion economy and it to be a growth engine for the world. This budget is dedicated to 140 cr people in the country. I would like to express my gratitude towards PM Modi and also to Finance Minister Nirmala Sitharaman and her entire team,” Uttar Pradesh CM Yogi Adityanath said.

"This Budget presented by PM Modi’s minority government aims to save itself. It ignores Uttar Pradesh and Ayodhya. This will be costly for the BJP,” says Samajwadi Party MP Awadhesh Prasad.

Union Finance Minister Nirmala Sitharaman proposes to reduce basic customs duty on mobile phones and chargers to 15%.

The mobile phone  and related products industry has seen a 3-fold increase in domestic production & almost 100-fold jump in exports. Govt proposed to reduce the Customs Duty on mobile phones, mobile PCBA, & mobile chargers to 15%. (Click here to read more)

Union Minister Amit Shah on Tuesday thanked PM Modi and Finance Minister Nirmala Sitharaman for a "pro-people and pro-development visionary budget".

"The Budget 2024–25 not only exemplifies Bharat's newfound sense of purpose, hope and optimism under the PM Modi Ji -led NDA government but also fortifies them. Harnessing the power of Bharat's youth, Nari Shakti and farmers, the budget fuels the nation's pace on the path of emerging as a developed nation by ushering in a new era of employment and opportunities," " he said. 

Moments after Union Finance Minister Nirmala Sitharaman presented the Budget 2024 in Parliament on Tuesday, the Congress attacked the Centre saying a part of the fiscal document was borrowed from the Congress manifesto for the Lok Sabha elections earlier this year.

Former finance minister and senior Congress leader P Chidambaram said he was “happy” the Union finance minister “has virtually adopted the Employment-linked incentive (ELI) outlined on page 30 of the Congress Manifesto”. (Read More)

“Overall barring a few areas, I think the Budget is very good. The Prime Minister’s saying that ‘the last 10 years was the trailer and in the next five years they are going to do many more things’ is coming true. The Budget focuses on job creation, agricultural productivity and on making sure that human development takes place, manufacturing, skill development, bettering education, etc.,” says Padma Shri Awardee Mohandas Pai. 

Bihar Chief Minister Nitish Kumar offered a cryptic response on Tuesday to the Centre's denial of special category status to the state. Kumar, a key ally of the ruling NDA at the Centre through his JD(U) party, responded to queries regarding the Union government's statement in Parliament on Monday.

When pressed by journalists at the Bihar Assembly, the state's longest-serving CM remarked, "You will gradually come to know everything."

-- Promising commitment and infusion of 26000 crore of fund for road connectivity shall certainly bring EV to rural part of India. It will also lead a sharp push toward the vision of make in zinda and EV instead of fossil based mode of communication.There will be a certain push to Electrical vehicle charger industry as well due road connectivity increase: Sirajuddin Ali , founder and CEO, Malitra India

-- "The inclusion of Viability Gap Funding (VGF) in infrastructure development is crucial. While great progress has been observed in the development of roads, careful planning and execution of other projects are essential. With a strategic approach, these projects can drive significant economic growth.": Ramendra Verma, Partner, Grant Thornton Bharat (INFRA)

-- I am thrilled to see that the finance minister has put the spotlight on the expedited closure of LLPs. This measure will aid in reducing the duration of closure for non-viable limited liability companies. She has also addressed the issue of reforming and enhancing the Insolvency Business Center (IBC) in order to expedite the resolution of insolvencies. These steps will help ease the ease of doing business by helping improve the efficiency of corporate exits, which has been an issue in the country: Mr. Rishi Agrawal, CEO and Co-Founder of Teamlease Regtech.

Union Minister Nitin Gadkari on Tuesday praised the 2024 Budget, saying that it promises to boost productivity in agriculture & enhance employment and skilling. 

After the Budget announcement, Congress MP Manickam Tagore said that the budget has more or less copied the Congress manifesto.

"This Budget has more or less copied the Congress manifesto... The important thing is about the Yuva Nidhi scheme... This government has announced it as Rs 5000 per youngster who will be in the apprenticeship. It shows that this government has copied the ideas of Rahul Gandhi... The 'special category' for Andhra Pradesh has been denied. They are giving a lollipop to Andhra Pradesh,"

“There are many things missing. There was no mention of MNREGA. There was no mention of any serious measures to improve the income of the bottom 40 per cent of our population whose income have gone down. There was very little addressing of inequality in our country today” said Congress MP Shashi Tharoor

Union Minister Kiren Rijiju said that this was a dream budget for all sections especially for youth and women and historic announcements were made for skilling and employment generation. 

'This is a dream budget for all sections especially for youth and women... Capital expenditure of more than Rs 11 lakh crore has been allocated... Announcements for Bihar, Jharkhand, West Bengal, Odisha, Andhra Pradesh, and North-East will give a boost to the economy of Eastern India... Announcements for skilling and employment generation are historic, support schemes for women are appreciated... banking services in the northeast have been taken care of, ' he said. 

'PM Mod's dream of Viksit Bharat by 2047 is clearly reflected in the budget... If the opposition has criticised the budget means it is a very good budget... All sectors have been covered and it is a growth oriented budget... You can see the tax rebates for the middle class... Bihar's floods are not limited to Bihar, they are an issue of the country... Why is the opposition rattled at the grants given to Andhra Pradesh.'

Union Minister and BJP leader Jyotiraditya Scindia said that the budget is futuristic and it will determine India's path to becoming 'Aatmanirbhar'. 

"This budget is futuristic. This will determine India's path to becoming 'Aatmanirbhar'. All sectors including agriculture, rural development, health care, technology, and education have been considered," he said. 

'There is a lot of focus on 'ease of doing business', a lot of areas are getting simplified... Very importantly a comprehensive paper on next generation reforms to look at all the factor costs. These are very strong statements... It touches upon many areas that have come in the form of suggestions that members of the CII had presented. This is a very strong message for the industry and all the stakeholders of the economy. It is an extremely good budget. A lot of investments and yet the fiscal glide path being better than what was anticipated at 4.9%,' Confederation of Indian Industry (CII) President Sanjiv Puri said after the Budget presentation today. 

- Congress criticised TDP chief N Chandrababu Naidu for leaving the NDA in 2018 over the issue of special category status for Andhra Pradesh and six years later when the government is reliant on his MPs, all he has managed to get is a "special financial support" for Amravati, they said. 

- The Union Budget 2024-25 allocated Rs 15,000 crore for the development of Andhra Pradesh's capital city and promised ongoing support.

- Congress leader Jairam Ramesh questioned the delay in implementing commitments from the Andhra Pradesh Reorganisation Act, 2014.

- The budget also earmarked over Rs 3 lakh crore for schemes benefiting women and girls and affirmed commitment to the Polavaram irrigation project.

- Additionally, a backward region grant was announced for three districts in Andhra Pradesh.

1. Finance Minister Nirmala Sitharaman announced a Rs 26,000 crore outlay for road projects in Bihar in the Budget for 2024-25.
   
2. The Union government plans to provide financial assistance to Bihar through aid from multilateral development agencies, facilitating infrastructure projects including airports, medical colleges, and sports facilities.

3. The Centre will initiate plan 'Purvodaya' aimed at comprehensive development in Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, with a focus on industrial corridors and regional growth.

4. Additionally, the government will offer e-vouchers with 3% interest subvention on loans to 1 lakh students annually, aiming to support their educational expenses.

Independent MP from Bihar, Pappu Yadav on Tuesday said even though Nitish Kumar was a "kingmaker" in the current government, the state didn't receive a a special package.

"They are saying that they will give 4 cr jobs, how many jobs have you given in last 10 years? What about the issue of migration from Bihar?... Nitish Kumar is a kingmaker but you didn't get the special package... Now you are saying that don't give us special state status but a package, why are you begging?... Talk about special state status, no central university has been announced. You don't need to withdraw support, just leave the cabinet, I think Nitish Kumar is a serious person," he said. 

JDU leader Neeraj Kumar says, "It's obvious to have expectations from the Union Budget. Rs 26,000 crores given for roadways is satisfactory news. To make Bihar is not just a resolution of our party, PM Modi has also promised us."

Congress leader P Chidambaram on Tuesday accused Finance Minister Nirmala Sitharaman of 'copying ideas' from the Congress Lok Sabha manifesto. 

"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," P Chidambaram posted on his X account. 

After the Centre on Tuesday proposed an outlay of Rs 26,000 crore for various road projects in Bihar in the Union Budget, RJD leader Rabri Devi said that the amount allotted  to Bihar is a 'jhunjhuna' (toy for distraction). 

Murders and thefts are happening in the state. Labourers are not getting their wages. Youth are not getting employment and farmer issues persist... Rs 26000 crore allotted to Bihar is a 'jhunjhuna'," she said. 

Congress leader Jairam Ramesh said that after "ten years of denial the Centre has tacitly admitted that mass unemployment is a national crisis."

"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"

"It's far too late, and as it turns out, far too little - the Budget speech is more focused on posturing than action," he said.

The Congress accused Finance Minister (FM) Nirmala Sitharaman of taking a leaf out of their 2024 Lok Sabha polls manifesto with the announcement of an internship program.

Congress leader Jairam Ramesh said that “in their (government’s) trademark style”, the scheme has been designed to “grab headlines with arbitrary targets” rather than a programmatic guarantee.

The FM has announced that the government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies over five years