Focus on agriculture sector in Budget 2024 as it can generate employment: PHDCCI
Union Budget as it can act as a pool of employment generation.
«India's workforce is predominantly engaged in agriculture and the informal sector. Agriculture growth depends on rural infrastructure, private sector involvement, and waste reduction. Accelerating reforms in agriculture and food processing, coupled with increased public investments in agricultural infrastructure, can spur employment,» PHD Chamber Of Commerce And Industry said in its pre-Budget recommendations.
«Increase public investments in agri-infrastructure such as cold chain infrastructure to store and transport agriculture products to strengthen agriculture supply chains,» PHDCCI added.
With the Union Budget likely to be announced in the second half of July 2024, PHDCCI outlined certain recommendations to boost India's economy across various sectors, focusing on green initiatives, industry growth, MSME support, and more.
Taxation Reforms
To simplify taxation, PHDCII has suggested reducing tax rates for individuals and LLPs, increasing prosecution limits in TDS matters, and reducing pre-deposit amounts for CGST appeals. These measures aim to create a more business-friendly environment and encourage economic expansion.
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