One of the key recommendations of CII about the Employment Linked Incentive (ELI) has been included in the budget
FinTech BizNews Service
Mumbai, July 23, 2024: Ms Swati Salgaocar, Chairperson, CII Western Region is highly appreciative of the Union Budget 2024-25 presented in Parliament today by the Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman.
Swati Salgaocar states: “I congratulate the government for maintaining a strong focus on growth with inclusion as we aspire for holistic economic development. The lowering of the fiscal deficit target for 2024-25 to 4.9% of GDP, well below the 5.1% budget gap pegged in the interim budget and the projection of a fiscal deficit level below 4.5% for 2025-26 is truly commendable. This bodes well for India in terms of its global image and also lay a strong foundation for the government’s vision of ‘Viksit Bharat’.
Giving 8.5 Marks out of 10 To the Budget, she explains: “The nine priority areas announced in the budget are truly reflective of the ‘saturation approach’ of the government that seeks to benefit the entire population. The special focus accorded to employment, skilling, MSMEs, and the middle class makes the budget comprehensive and truly inclusive. The budget retained capex outlay on infrastructure at Rs 11.11 lakh crore as announced in the interim budget, which is 3.4% of GDP, almost double the level seen in 2019-20.”
Cautioning that one has to still wait for the execution of provisions, she adds: “We are happy to note that one of the key recommendations of CII, which is the Employment Linked Incentive (ELI) was included in the budget announcements. The abolition of the ‘Angel Tax’ across investor classes has been a long-standing wish and it will boost the Indian start-up ecosystem and promote innovation. The reduction of corporate tax for foreign companies is a welcome move and will enhance the attractiveness of India as a favourable investment destination paving the way for strong economic growth.”
