Source: News Bharati English02 Feb 2017 23:53:30
New DeIhi, February 02: In the Budget 2017-18, the government stressed on creating large employment opportunity for the youth of the country. Government has also increased budge allocation for various schemes.
Our young population constitutes 65% of the total population. Given this, government has stressed on creating large employment opportunity for them.
Skill India mission was launched in 2015 to maximize the potential of youths. Now government has proposed for imparting new skills to the people in rural areas.
Mason training will be provided to 5 lakh people by the year 2022, of these 20,000 people will be trained in this year only.
Pradhan Mantri Kaushal Vikas Kendra will be expanded to 600 districts from current 60 districts. Government also proposes to launch 'Sankalp' to provide skill awareness and livelihood promotion to 3.5 crore youths. 4000 Crore Rupees have been kept for this project.
The next phase of skill strengthening for industrial value enhancement 'STRIVE' will be launched at a cost of 2,200 crore. It will be focused on improving quality and market relevance of vocational courses at ITIs.
On the pattern of textile industry, leather and footwear sector will also be promoted to create large number of employment opportunities.
Government looks at the Tourism sector with a great potential to be harnessed. 5 Special tourism zones will be created, anchored on SPVs with 5 states. Moreover, Incredible India campaign 2.0 will also be launched world over.
Medium and small enterprises occupy Bulk of economic activities. However, they end up paying more taxes because of not many exemptions available to them.
During the year 2015-16 around 2 lakh 85 thousand companies with profit less than 1 crore paid taxes at the rate of about 30 percent while about 300 companies with profit ranging to 500 crore paid effective tax of 26%.
With new rationalization of taxes in places government has proposed to levy 25% tax on all companies with a turnover of 50 crores. The revenue forgone estimate for this measure is expected to be 7,200 Cr per annum.
In a step to further promote use of clean energy a 10 percent tax relaxation will be provided on income from carbon credits. Government had given tax exemption to Start Ups with certain conditions last year. Continuing the support this year also, government has proposed that profit linked Deduction will be available for startups for 3 years out of 7 years; currently the provision is for 3 years out of 5 years.
This year Government's Pradhan Mantri Yojna has succeeded in beating its own set target of distributing 1.22 lakh crore in the year 2015-16. This year government aims to distribute about 2.44 lakh Crore.
The priority will be given to women and socially left out strata. The Stand Up mission has helped in economic empowerment of Dalits, women, tribal and minorities section of the society.
Over, 16,000 new enterprises have come up through this scheme in activities as diverse as food processing, textile, diagnostics and others.