Terming the Union Budget balanced, Confederation of Indian Industry Puducherry chapter chairman M. Kalaiichelvan said it had set the stage for the revival of the economy.
“The government’s focus on developing infrastructure, and its emphasis on health, education, skill development, innovation, tourism, MSMEs, agriculture and allied areas will contribute to economic growth,” he said in a release.
Welcoming the provisions in the Budget to develop specific sectors, the CII chairman said such steps would help the manufacturing sector. The proposed national logistics policy and the boost to electricity generation, by extending 15% tax option, would be an added advantage to the manufacturing sector, he added.
On the initiatives to promote startups, Mr. Kalaiichelvan said tax incentives announced for the sector would help in creating more jobs.
“It is very encouraging to see that the government has perceived the startup sector as a key job creator, as well as an engine of growth. After successive reforms in previous budgets for startups, the budget has further introduced reforms in the form of tax deferment of ESOPs for five years and 100% tax relief for startups with up to ₹100 crore turnover,” the statement said.
The reforms initiated in the electronic sector has a huge potential for the Make in India scheme and would create more job opportunities, he added.
