NewsDeskReport
New Delhi:
Employment generation should be given priority in the upcoming Union Budget 2025-26 to take advantage of India’s demographic dividend and accelerate economic growth, apex business chamber CII said on Sunday. Gave. The Confederation of Indian Industry (CII) said in the statement that several schemes were announced in the Union Budget for the financial year 2025 to promote employment generation, which also includes employment-related incentive schemes.
Announcement regarding employment generation can be made in the budget
More measures can be announced in the upcoming budget to promote job creation. CII further said that India is now the most populous country in the world, with a population of 145 crores. With a median age of only 29 years, India is also a young country and is expected to add 133 million people to its working-age population by 2050. Large-scale employment generation is important to productively engage this young population and promote inclusive growth.
CII made this demand to encourage new employment
In its demands regarding the budget, CII has proposed a new section in place of Section 80JJAA to encourage new employment. The new provision should continue as a Chapter VIA deduction from gross total income that is available even if the taxpayer opts for the concessional tax treatment. It can be made available to any taxpayer who carries on business or profession and is liable to tax audit. Deduction can be allowed for the first three years of new employment in respect of salary paid in the relevant tax year, subject to a limit of Rs 1 lakh per month.
CII has also sought targeted funding for employment-intensive sectors like construction, tourism, textiles and low-skilled manufacturing.
Emphasis on increasing participation of women in the workforce
CII further said that increasing women’s participation in the workforce, which is currently low, can further boost the Indian economy. New initiatives including construction of hostels, formalization of sectors like care economy, setting up of government supported crèches in industrial clusters can be taken using CSR funds to increase female labor force participation.
Urge to establish International Mobility Authority
CII has also urged the government to consider setting up an International Mobility Authority under the Ministry of External Affairs. This authority can facilitate government-to-government cooperation to help Indian youth take advantage of overseas employment opportunities. The authority may also work with the Ministry of Skill Development and Entrepreneurship to help develop skill development programs in line with global opportunities.
