Towards the Union 2022-23 budget, the CII Industrial Agency has pitched the additional incentive level which will be included in the incentive scheme associated with production based on the amount of work made.
India Industry Confederation (CII) has suggested that labor intensive sectors such as skin and food processing can be given incentive schemes to attract investment and create jobs.
“With the need to support the work and create new jobs because the country recovers from Pandemi, CII shows that the budget adds a component of work-making with incentives.
CII also recommends that more sectors are intensive sectors carried under PurView .
The PLI scheme that will strongly encourage investment in these sectors, “said Director General CII Chandraje Banerjee.
Incentives can be based on the amount of proposed work created in the project, providing a higher weight to the creation of employment in the PLI scheme, CII said.
Regardless of the PLI scheme for work, CII issues various steps that can be taken in the upcoming budget that will help work to get traction because the impact of the pandemic is being felt throughout the income class.
To provide assistance to workers affected by a pandemic in rural areas, the space recommends that spending on MGNREGA be significantly increased to support the rural poor, which will also encourage consumption growth.
It also suggests that the 80jja section of income tax laws that provide benefits for new workers with less than income the wage threshold of rs 25,000 per month must increase the limit to encourage higher skilled employment creation.
In addition, CII states that ‘at work’ training must be extended to all sectors with industry associations as a third party institution to improve internships.
To reduce compliance with MSMEs in hiring internship participants, he said a fund can be formed to build a real-time information system as a platform to bridge the information gap between workers and MSMEs looking for workers.
Industrial bodies recommend that exports of labor-intensive goods can be increased with special economic zones, beach zones and industrial parks with benefits that are compatible with the WTO.
The budget must bring more pli rates to improve employment creation in manufacturing: CII
