News Desk, News Nation 360 : "Growth-oriented budget" is how CII has described the Union Budget 2024–25. The MSME, agriculture, infrastructure, skills, technology, innovation, and ease of doing business are among the sectors that the budget has touched. The business community applauds the government for giving MSMEs top priority in the Union Budget 2024–2025. Through innovation, job creation, and sustainable growth, these initiatives will strengthen the foundation of our economy. CII applauds the government for creating a plan for the comprehensive development of West Bengal, Odisha, Bihar, Jharkhand, and Andhra Pradesh. The four bridge and motorway projects worth 26,000 crores for Bihar will provide the area with the much-needed boost. The announcement made by FM to give tourism and the development of the Vishwanath and Mahabodhi temples in Gaya top priority is also welcomed by CII. In addition to revitalising Nalanda University, developing Nalanda as a tourism destination is a good move. The development of Orissa's beaches, temples, monuments, and cultural heritage as well as Rajgir's overall development will be beneficial to tourism in the Eastern Region. Industry members greatly appreciate the support provided for reconstruction and
rehabilitation to states affected by extreme weather events like floods, cloudbursts, landslides, etc. Moreover, CII is pleased to support the Critical Minerals Mission, which aims to increase domestic production and recycling of vital minerals. CII also applauds the launch of a new program that will offer 500 top companies to place 1 crore young people in internships over the course of the next five years. This program will improve future talent development, employability, and skill development in the manufacturing industry. CII has strongly called for the elimination of the angel tax and significant rationalisation proposals for the capital gains tax regime, TDS, Reassessment and Search cases, and the taxation of charitable organisations. As part of the Prime Minister's package, CII has long demanded the three "Employment Linked Incentive" schemes, which are based on enrolment in the EPFO and emphasise first-time employee recognition and support for both employers and employees. The budget, according to Shashwat Goenka, Deputy Chairman, CII Eastern Region Vice Chairman, RPSG, is inclusive and builds on India's solid economic foundation. It outlines nine important pillars that, when implemented, will bring them one step closer to a Viksit Bharat. He praised the budget's emphasis on the development of infrastructure. Port and airport development will pick up a lot of steam, and helping MSMEs should benefit MSMEs. He applauded the Critical Minerals Mission for emphasising the recycling and improvement of domestic production of vital minerals. He also praised the employment-linked incentive programs. Creating an Integrated Technology Platform to enhance the results of the Insolvency and Bankruptcy Code (IBC) and implementing programs to make it easier for states to do business will facilitate regional development even more.
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