New Delhi, Jul 23, 2024, By Our Correspondent
The CII has termed the Union Budget 2024-25 as a growth oriented inclusive budget. The Budget has touched several sectors including MSME, Agriculture, Infrastructure, Skills, Technology, innovation and Ease of doing business. The industry commends the government for prioritizing MSMEs in the Union Budget 2024-25, said a statement from the CII. “These initiatives will fortify the backbone of our economy, driving innovation, job creation and sustainable growth” , the statement said.
This budget strikes a delicate balance between economic growth, social welfare and environmental sustainability. The North East region is poised to reap substantial benefits from this budget, which underscores the government's commitment to inclusive growth and regional development.
Abolition of Angel tax and major rationalisation proposals for taxation of charitable organisations, TDS, Reassessment and Search cases and Capital Gains Tax Regime has been a strong call from CII. The 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package which will be based on enrolment in the EPFO and focus on recognition of first-time employees and support to employees and employers has been a long standing ask of CII.
Reconstruction and Rehabilitation support to states affected by extreme-weather events such as floods, cloudbursts, landslides etc. is much appreciated by Industry members. CII also welcomes the Critical Minerals Mission, which focuses on boosting domestic production and recycling of critical minerals. CII further welcomes the announcement of a new initiative to provide internship opportunities for 1 crore youth over the next five years, with placements in 500 leading companies. This scheme will enhance skill development, employability and nurturing future talent in the manufacturing sector
Pradeep Bagla, Chairman CII North East Council & Managing Director, Amrit Cement Ltd termed Budget 2024-25 as a progressive and development oriented budget and it reaffirms the continued focus and commitment of the Union government on North East. He said that announcements with particular focus on natural farming and digital public infrastructure enhancements for agriculture, the establishment of 100 branches of India Post Banks in North East for facilitating bank credit, would support the socio-economic development of the region.
The enhancement of Mudra loan limits will provide a significant boost to the North East region's entrepreneurs, enabling them to access a larger amount of funding to scale up their businesses, create jobs and drive economic growth.
Bagla further welcomed the introduction of the new mechanism for facilitating bank credit through credit guarantee scheme, for MSMEs during stress periods caused by factors beyond their control. This will provide a lifeline to small-scale industries in the North East, which are often vulnerable to external shocks such as natural disasters or economic downturns.
Pankaj Goswami, Chairman, CII Assam State Council & Director, Oil India Ltd said that the significant allocation for education, employment and skill development will have a profound impact on the youth, enhancing opportunities and improving workforce capabilities. This will also enable the North East state to provide a skilled workforce to the entire country. The budget's focus on four key areas - the poor, women, youth and the farmers is particularly commendable. The allocation of ₹2.66 lakh crore for rural development, including rural infrastructure, will have a multiplier effect on the economy, stimulating growth and development in the North East.
Bhaskar J Phukan, Co Chairman, CII Assam State Council & Managing Director, Numaligarh Refinery Ltd welcomed the budget as a developmental oriented and inclusive, with particular focus on core areas of Infrastructure development, employment generation, sustainability and job creation. The introduction of Employment Linked Incentives and continuity of developmental reforms will help industry to progress. He congratulated the Finance minister for recognising and according additional focus on flood mitigation, management, relied and rehabilitation in Assam and Sikkim.
Anil Mutha, Chairman CII North East Sub Committee on Bamboo & Chairman, Mutha Industries Ltd mentioned that the focus on internship augurs well with the aspirations of Young India and will benefit youth of the North East. He further added that the budget is an inclusive one that builds on India’s strong economic foundation, with 9 key pillars outlined, will be a stepping stone for a Viksit North East contributing to a Viksit Bharat by 2047.
Hokhuli Sema, Chairperson, Nagaland State Council & CEO, Faith Hospital welcomed the the allocation of over Rs 3 lakh crore for schemes benefiting women and girls in the Union Budget for 2024-25. She said that this is a significant step towards promoting women-led development and empowering them to play a more significant role in the economic growth of North East.