Budget 2024: 'After PLI, jobs-linked schemes need of the hour'
Budget Expectations: Following the success of production-linked incentive (PLI) schemes, the government needs to prepare the ground for employment-linked incentive schemes in the upcoming interim budget to spur employment generation and drive more people towards formalisation, said experts.
«Several initiatives have been undertaken to spur employment generation in the country. Employment-linked incentives can be instrumental in encouraging micro, small and medium enterprises and developing sectors that have the potential to create a large number of jobs,» said R Mukundan, chairman of the CII National Committee on Industrial Relations.
He said the government needs to build on its initiatives with additional incentives.
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Earlier this month, the government announced that PLIs had garnered investment of Rs 1.03 lakh crore, which led to creation of about 678,000 jobs till November 2023. Experts said besides focusing on PLI, there is a need for tax breaks or subsidies for small and medium-sized enterprises (SMEs) for job creation.
«Targeted incentives such as tax breaks or subsidies for SMEs that hire workers from marginalised communities can address social inequality while simultaneously boosting job creation across sectors,» said Suchita Dutta, executive director, Indian Staffing Federation.
She said there is also a need to provide tax breaks to companies, which would encourage the formalisation of the
