New Delhi, Feb 9 (NationPress) Highlighting that youth unemployment is currently at 15 per cent in India, with under 25 per cent of the workforce holding regular jobs, Congress leader and former Finance Minister P. Chidambaram delivered a pointed critique of the Union Budget 2026-27 in the Rajya Sabha on Monday. He labeled it as overly cautious, miserly, forgettable, and fading from public consciousness.

During discussions in the upper house of Parliament, he raised concerns about whether the government and its leading ministers even perused the extensive 700-plus-page Economic Survey, insinuating they might be turning a blind eye to its sobering truths.

Chidambaram spotlighted three primary issues discussed in the Economic Survey—capital investment, unemployment, and sluggish growth—accusing the government of inadequately addressing them.

He indicated that gross fixed capital formation has stagnated at 30 per cent of GDP, net foreign direct investment (FDI) has plummeted to below 0.09 per cent in 2024-25, and private sector investment remains at 22 per cent despite companies being cash-rich.

The former Finance Minister criticized the administration for slashing capital expenditure by Rs 44 lakh crore in 2025-26 without justification, while no meaningful investments are observed from public, private, or foreign sectors.

Addressing unemployment, Chidambaram reiterated that youth joblessness is at 15 per cent, with less than 25 per cent of the workforce in regular employment.

He noted a trend towards self-employment and agriculture, pointing out that only 1.95 crore individuals are employed in manufacturing sectors in a nation with a population of 144 crore. Manufacturing has remained stagnant at 16 per cent of GDP for years.

Chidambaram condemned the PM Internship Scheme as a failure, with merely 33,000 of 1.65 lakh offers accepted and only 6,000 retained, demanding accountability from the Finance Minister regarding this collapse.

He criticized the Budget for being forgetful, citing minimal or unannounced allocations for promised schemes and cuts in areas like defense, science, social welfare, and urban development. He claimed it was drafted by a Finance Minister who had forgotten previous commitments.

On growth, he ridiculed the government's 'Reform Express' as stalled, not derailed, with nominal GDP growth declining from 12 per cent in 2023-24 to 9.8 per cent in 2024-25 and to 8 per cent in 2025-26. He questioned the inflated real GDP figures, noting low CPI inflation, negative wholesale inflation, and a 0.5 per cent deflator, while also critiquing the slow fiscal consolidation, with the fiscal deficit only marginally reducing from 4.4 per cent to 4.3 per cent and the revenue deficit remaining at 1.5 per cent.

Chidambaram concluded that the Budget is devoid of vision, neglects pressing challenges, and is likely to be forgotten amidst newer headlines.