Employment-intensive manufacturing sectors have received a big boost in Budget, says CII President Sanjiv Puri
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Following the Budget announcement in Parliament today, Sanjiv Puri, President of the Confederation of Indian Industry (CII), praised the budget’s focus on employment-intensive manufacturing sectors.
“Employment-intensive manufacturing sectors have received a substantial boost. There is an overarching focus on manufacturing with the proposed National Manufacturing Mission and initiatives to ease the regulatory environment,” said Puri in a statement.
Puri highlighted that the focus product scheme for footwear and leather is expected to generate 22 lakh jobs, while “the National Action Plan for Toys will help India achieve global leadership in this employment-intensive sector.”
“We observe multiple interventions in MSMEs and employment-intensive sectors, which will translate into additional job creation,” Puri added.
With the announcement of the development of 50 tourist destinations, Puri, who is also the MD of ITC, remarked that tourism will drive regionally distributed development.
Puri noted that the enhancements in the investment and turnover limits to 2.5 and 2 times respectively will encourage MSMEs to grow, become more competitive, and generate the jobs needed to strengthen the manufacturing ecosystem.
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“The Budget is growth-oriented, reform-focused, and fiscally prudent, while making comprehensive interventions aimed at addressing the needs of all sections of the economy and society, fostering inclusive growth and development. This budget could kickstart a virtuous cycle of consumption-led growth,” Puri stated.
“The reduction in personal income tax is one of the highlights of the budget, which is expected to give a significant boost to consumption,” he added.