New Delhi [India], February 1 : Piyush Goyal, Union Minister for commerce, said the Budget 2025 will boost job creation encompassing all sectors, and it puts fresh impetus towards Viksit Bharat goal.
"A lot of job opportunities will be created...In every sector, there will be job opportunities...Estimation will come, and each sector will adopt," Goyal told ANI, soon after the Budget was presented in the Parliament by the finance minister Nirmala Sitharaman.
"In the leather and footwear sector, 22 lakh more jobs can be created directly and indirectly with the impactful ideas that she has proposed for the leather and footwear sector," he said.
To enhance the productivity, quality and competitiveness of India's footwear and leather sector, a focus product scheme will be implemented, the government announced today.
The scheme will support design capacity, component manufacturing, and machinery required for production of non-leather quality footwear, besides the support for leather footwear and products. The scheme is expected to facilitate employment for 22 lakh persons, generate turnover of Rs 4 lakh crore and exports of over Rs 1.1 lakh crore.
In the cotton textiles and garments industry, jobs will get created, he asserted.
"The skill development thrust and the schemes that were announced last year will also make our young men and women more employable, and fit for employment, give them skill development and vocational training, and help them to increase their incomes," he said.
To promote domestic production of technical textile products such as agro-textiles, medical textiles and geo textiles at competitive prices, the government proposed to add two more types of shuttle-less looms to the list of fully exempted textile machinery. Besides, the government proposed to revise the BCD (basic customs duties) rate on knitted fabrics covered by nine tariff lines from "10% or 20%" to "20% or Rs 115 per kg, whichever is higher".
Talking about the mega tax relief, the commerce minister said, "It's a very holistic budget that will impact the common man, that will impact the middle class, and that will mean more disposable income, giving impetus to demand in the market...This is a budget for preparing the foundation for Viksit Bharat 2047...," he noted.
Sitharaman, during her Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers especially the middle class.
This limit will be Rs 12.75 lakh rupees for salaried tax payers counting Rs 75,000 of standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.
The announcement from the Finance Minister of this big relief to the middle class was met by loud thumping of the desks by the treasury benches led by PM Narendra Modi.