“The budget for the financial year 2024-25, presented by Finance Minister Nirmala Sitharaman, has given a huge fillip to job creation in India by ensuring that the private sector also participates in job creation in addition to the government sector, says Ashishkumar Chauhan, MD and CEO, NSE.
The budget has ensured that India would become the number 1 startup nation and a nation of entrepreneurs by providing relief on the angel tax as well as increasing Mudra loan scheme limit from ₹10 lakhs to ₹20 lakhs per person.
“FM has also focused on increasing women participation in India’s labour force which will help India reap demographic dividend even further by increasing young women’s participation in the workforce. Skill development as a part of job creation has also been an out of the box idea.”
Besides, the FM has kept infrastructure outlay intact and reduced the fiscal deficit to 4.9% from the expectation of 5.1%. “All these things are being achieved without much tinkering with the direct or indirect tax structure ensuring that India’s long term credit rating improves by giving a glide path to 4.5% fiscal deficit in 2025-26. Overall, 10/10,” he says.