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Bankers bat for job creation, tax incentives in budget 2025
Mint New Delhi
|January 29, 2025
Experts advise PLI scheme for import substitution in pockets where a manufacturing facility could be set up
Job creation, tax relief for small businesses, and a production-linked incentive (PLI) scheme for import substitution could be drivers for kickstarting consumption in the budget 2025, said a panel of bankers at the 17th edition of the Mint Annual BFSI Summit.
"One of the aspects that can be explored is a progressive tax code for small businesses," said V. Vaidyanathan of IDFC First Bank.
"The government can say no tax for income up to ₹1 crore for new small businesses and after that threshold have a progressive tax. That will add a feel-good factor and spur the next generation to get into business."
"Focus should be on employment, disposable income and consumption," said Pranav Chawda of JP Morgan Chase India.
This story is from the January 29, 2025 edition of Mint New Delhi.
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