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Union Finance Minister Nirmala Sitharaman said the New Employment Generation Scheme, formulated to support employment generation across the country, will receive ₹20,000 crore.
For the Labour Ministry, the allocation has been increased from ₹18,307.22 crore in the Revised Estimates (RE) of 2024-25 to ₹32,646.19 crore in this Budget. The employment generation scheme was announced in the 2024-25 Budget with an outlay of ₹10,000 crore. In the RE, the allocation for this scheme was ₹6,799.43 crore.
The Minister said a comprehensive multi-sectoral rural prosperity and resilience programme will be launched in partnership with States to address underemployment in agriculture through skilling, investment, technology, and invigorating the rural economy.
“The goal is to generate ample opportunities in rural areas so that migration is an option, but not a necessity,” she said.
There is a meagre increase in the allocation to the Employees Pension Scheme (EPS). This budget, the EPS received ₹11,250 crore. The provident fund pensioners have been demanding a minimum PF pension of ₹7,500 and the Budget has not allocated any amount to increase the minimum pension from the present figure of ₹1,000.
The Opposition trade unions said the Budget does not address the economic realities. “The phenomenon of continuing slowdown in economy and its devastating effect on lives and livelihood of the mass of the people, together of fortune of the corporates climbing an obscene height reflects an ugly perversion in the entire economic policy regime,” said the Centre of Indian Trade Unions.
The All India Trade Union Congress (AITUC) said the Centre’s agenda of privatisation and sale of public sector enterprises and public services “continues with vengeance”. “100% Foreign Direct Investment is announced for insurance sector which would impact the middle and lower middle classes as well as the farming community adversely,” said AITUC general secretary Amarjeet Kaur in a statement.
The pro-government Bharatiya Mazdoor Sangh (BMS) said the Budget contains multiple provisions aimed at improving the lives of the working people of this country. “BMS has been advocating for an increase in the income tax limit for some time now, and we deeply appreciate that the government has listened to us and taken our suggestions into account,” it said.
Published – February 02, 2025 09:34 am IST
