CII Urges Budget for 1 Lakh Job Deductions

The Confederation of Indian Industry (CII) has called for a range of measures to be included in the upcoming Union Budget announcements, including an integrated National Employment Policy, policy support for employment generation, implementation of labour codes, and increased participation of women in the workforce, among other initiatives.

As is the convention, the budget for 2025-26 will be tabled on February 1, 2025.

The industry body added in its suggestions that the Union Budget for FY 2025 had outlined a series of initiatives to boost employment generation, including the Employment Linked Incentive Scheme, but the forthcoming budget could announce further measures to boost employment generation.

Sharing a comprehensive set of recommendations to harness India's demographic dividend, Chandrajit Banerjee, Director General, CII, said, "India stands at a unique juncture where its demographic dividend presents a tremendous opportunity to propel economic growth and social transformation. Employment generation is a critical pillar in this journey. Coupled with higher employment, India also needs to ensure that productivity goes up. India's Incremental Capital Output Ratio (ICOR) needs to trend down from its present level of 4.1. We need to establish metrics of measuring this. In fact, the Union Budget could set up an expert committee to study this in greater detail and recommend measures on the way forward."