Assistant Professor,
Indian economy is always in a need of continuous supply of skilled workers, presently more than half of the rural population is unskilled and is engaged in unorganized sector or agricultural activities due to lack of proper education facilities. While innovative ideas of skilled section, in the form of Start-ups finds the same difficulty at their initial stage, to stand with limited resources and semi- skilled workforce. In order, to provide an incentive to its Start-up India Initiative govt in its Budget FY17 announced for start-ups ” a tax rebate of any 3 years out of 7 initial yrs, which was earlier taxed as 3 out of 5, giving a motivational support to them for develop a good base for their business in their initial term. Also, govt took care on aspect of MSMEs which have always been a major employment generator for the country, giving them a due recognition in budget and allowing them” a rebate of 5% in their tax slab” predicting more jobs from this sector. So we can say that, Govt has taken a friendly Sank alp (objective) towards employing this cashless economy with a workforce comprising of effective and skilled population.
Sankalp, STRIVE, Budget, Economic Affairs, Tax benefit, Skill India Mission
