Page 27 - NIS English 16-31 August 2024.pdf

Confederation of Indian Industry Nation

Focus on skill development and employment

The central government is focusing extensively on
skill development and employment keeping in mind
the Industry 4.0 standards. More than 8 crore people
have started new businesses through campaigns
like Mudra Yojana, Startup India, and Stand Up
India. There are 1.40 lakh startups in India that are
employing lakhs of youth. The announcement of
the PM package of Rs 2 lakh crore in this year's
budget will benefit more than 4 crore youth. The
PM package aims to make India's manpower, and
products globally competitive in terms of quality
and price. The internship scheme to enhance the
skills and experience of the youth will also increase
employment opportunities. Along with this, those
who generate employment on a large scale will get
encouragement. The government has announced
EPFO contributions for those who get employment as
well as those who provide employment.

country's economic pace stop. Despite significant
global shocks like pandemic, natural disaster, and
war, India's contribution to global development
has reached 16 percent. While the budget for
the financial year 2024-25 is Rs 48 lakh crore,
which was a budget of just Rs 16 lakh crore in the
financial year 2013-14, there has been a three-fold
increase in this period. Capital expenditure, the
biggest measure of resource investment, was Rs
90 thousand crore in 2004 which increased to Rs
2 lakh crore in the 10 years till 2014, i.e. a twofold
increase. In comparison, today it has increased Our government has no shortage
more than 5 times to more than Rs 11 lakh crore. of political will. For us, the aspirations
In the last 10 years, the budget of railways and of the country and the countrymen
highways has seen an 8-fold increase. Agriculture are paramount.
budget has increased four times while the defense
budget has increased more than 2 times. The central - Narendra Modi, Prime Minister
government has increased the budget of every
sector after a record reduction in taxes. In 2014,
MSMEs earning Rs 1 crore had to pay presumptive their implementation on the ground, the same
tax, now MSMEs with income up to Rs 3 crore can announcements could not be implemented. The
also avail of this benefit. In 2014, MSMEs with amount allocated for infrastructure was also not
income up to Rs 50 crore had to pay 30 percent tax, being spent completely, but the announcements
today this rate is 22 percent. In 2014, companies made headlines. Small jumps were recorded in the
used to pay 30 percent corporate tax, today this stock market. In that era, priority was not given
rate is 25 percent for companies with income up to to completing the projects on time. The current
Rs 400 crore. central government has changed this situation
PM Modi said that before 2014, big in the last 10 years. Now infrastructure is being
announcements were made in the budget to completed at every scale at a fast pace. It is because
show a healthy economy but when it came to of the decisions taken by the government that

New India Samachar August 16-31, 2024 25