Giving a sense of urgency to the task of job creation in his fifth budget, finance minister Arun Jaitley\u2019s proposals include enhancing infra spending; creating rural markets; giving tax sops to small industries; a special package for textiles; and a reduction in statutory employees provident fund contributions by new female employees.<\/p>\n
Jaitley said creating and facilitating employment generation has been at the core of the government\u2019s policy-making and indicated that it will keep focusing on labour intensive sectors including textiles, leather, micro and small and medium enterprises (MSME) to aid jobs growth.<\/p>\n
\u201cThe government had approved a comprehensive textile sector package of Rs6,000 crore in 2016 to boost the apparel and made-up segments. I now propose to provide an outlay of Rs7,148 crore for the textile sector in 2018-19,\u201d said Jaitley.<\/p>\n
Calling it a \u201cmajor engine of growth and employment\u201d for India, he allocated Rs3,794 crore to the MSME sector as credit support, capital and interest subsidy and promotion of innovations.<\/p>\n
\u201cMassive formalisation of the businesses of MSMEs is taking place in the country after demonetisation and introduction of GST,\u201d he said.<\/p>\n
The budget also announced a reduction in the contribution that new women workers make to the employees provident fund, from 12% to 8%, to promote women\u2019s participation in the labour force as well as increase their take-home pay. \u201cTo incentivise employment of more women in the formal sector and to enable higher take-home wages, I propose to make amendments in the Employees Provident Fund (EPF) and Miscellaneous Provisions Act, 1952, to reduce women employees\u2019 contribution to 8% for the first three years of their employment against the existing rate of 12% or 10% with no change in employers\u2019 contribution,\u201d Jaitley said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Giving a sense of urgency to the task of job creation in his fifth budget, finance minister Arun Jaitley\u2019s proposals include enhancing infra spending; creating rural markets; giving tax sops to small industries; a special package for textiles; and a reduction in statutory employees provident fund contributions by new female employees. Jaitley said creating and […]<\/p>\n","protected":false},"author":1,"featured_media":20683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-20682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/20682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=20682"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/20682\/revisions"}],"predecessor-version":[{"id":20684,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/20682\/revisions\/20684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/20683"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=20682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=20682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=20682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}