The All India Bank Employees’ Association (AIBEA), represented by its General Secretary C.H. Venkatachalam, has expressed strong dissatisfaction with the recently announced Budget 2025. In a press release, Venkatachalam criticized the Budget for failing to address pressing issues such as unemployment, poverty, and inflation, calling it a “big disappointment.”
Venkatachalam highlighted the rising unemployment rate and the lack of measures to create proper jobs, particularly for educated youth. He described the government’s claims of GDP growth as benefiting only corporates while leaving the poor to suffer. He also expressed concern over increasing income disparities and the growing number of people living below the poverty line, despite the Budget’s claims of aiming for “zero poverty.”
The press release also pointed out the neglect of critical sectors such as agriculture and micro, small, and medium enterprises (MSMEs). Farmers’ longstanding demands for Minimum Support Price (MSP) based on the Swaminathan Committee’s recommendations remain unfulfilled. Additionally, the MSME sector, already struggling due to the impacts of demonetization and GST, received no relief or support in the Budget, which Venkatachalam warned could worsen unemployment further.
Concerns were also raised about insufficient allocations for essential sectors such as health, education, and rural employment schemes like MNREGA. The push for Public-Private Partnerships (PPP) and increased monetization targets were criticized as moves that could harm public sector entities, including public sector banks and insurance companies.
In the banking sector, Venkatachalam noted that despite the government claiming record profits for public sector banks, there were no measures to strengthen them. Instead, the government announced plans to disinvest its equity in five banks, raising fears of privatization. He also condemned the government’s handling of corporate loan defaults, stating that banks are being forced to accept significant losses through haircuts under the Insolvency and Bankruptcy Code (IBC).
The AIBEA reiterated its demand to reinstate the old pension scheme for bank employees, replace the contributory National Pension System (NPS), and address the growing tax burden on perquisites faced by bank employees and officers. The lack of attention to these issues in the Budget further fueled the union’s disappointment.
Calling for urgent action, Venkatachalam emphasized that routine assurances and statements will not suffice to resolve the economic challenges faced by the country. He urged the government to address the concerns of the working class and vulnerable sections of society.
