CII Jharkhand terms Union Budget as industry-friendly and growth-oriented”

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    Jamshedpur, Feb 29: Budget 2016-17 undertakes several key initiatives for job creation in the formal sector, which was taken up consistently by CII.

    Contribution of EPF for new employees for three years, entrepreneurship development courses, changes in the transport sector, and so on would encourage job generation.

    Tarun Daga, chairman, CII Jharkhand State Council, and MD, The Tinplate Co of India Ltd, said, “FDI in the food processing industry will attract investment in this sector. Emphasis on rural development, education and healthcare sectors will provide opportunities for the domestic industry.

    He also highlighted that tax holidays for the startups will further boost the economy and expert committee on compliance regulatory is a welcome move. Focus on rural development in would open more opportunities for the industry.”

    A B Lall, Vice-Chairman, CII Jharkhand State Council, and Vice-President & Plant Head, Tata Motors, Jamshedpur, said “This seems to be a balanced and growth oriented budget , the Corporate Tax benefit to the MSME s is going to benefit the auto ancillaries, the focus on rural economy and infrastructure will fuel growth.”

    Low-cost housing will be a huge demand multiplier, and CII welcomes the many initiatives on this. CII also welcomes the measures to revive infrastructure investment such as the new credit rating system and the commitment to issue guidelines for renegotiation of PPPs.

    The allocations for agriculture and the rural economy are particularly noteworthy, given that two successive drought years have subdued rural demand. CII had suggested that schemes such as Pradhan Mantri Krishi Sinchai Yojanaand Pradhan Mantri Gram Sadak Yojana be allocated higher funds, which was mentioned in the Budget.

    They also welcomed 100% deduction of profits for three out of five years for start-ups setup during April 2016 to March 2019.

    Further, period for getting benefit of long term capital gain regime in case of unlisted companies is proposed to be reduced from three to two years is a welcome move

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