Focus on Reforms in Agriculture & Food Processing in Budget Can Generate Employment: PHDCCI

ENA Sectors 2024-06-21 15:10:20 New Delhi, Jun 21 (KNN) In a comprehensive set of pre-Budget recommendations, the PHD Chamber of Commerce and Industry (PHDCCI) has called on the Finance Ministry to prioritise the agriculture sector in the upcoming Union Budget, citing its potential as a significant source of employment generation. The industry lobby group emphasised that a large portion of India's workforce is engaged in agriculture and the informal sector. They stressed that agricultural growth is heavily dependent on rural infrastructure, private sector involvement, and waste reduction. Accelerating reforms in agriculture and food processing, coupled with increased public investments in agricultural infrastructure, can spur employment, PHDCCI stated. The group specifically recommended boosting public investments in agri-infrastructure, such as cold chain facilities for storing and transporting agricultural products, to strengthen supply chains. With the Union Budget expected in the latter half of July 2024, PHDCCI's recommendations span various sectors, including green initiatives, industry growth, and MSME support. On the taxation front, the group suggested simplifying the system by reducing tax rates for individuals and LLPs, increasing prosecution limits in TDS matters, and lowering pre-deposit amounts for CGST appeals. To promote green initiatives, PHDCCI advocated for lower interest rates on eco-friendly project financing and proposed replicating NTPC's methanol production prototype, which uses captured carbon dioxide, across thermal plants. For the wind energy sector, they recommended improving road infrastructure for transporting large turbine blades and offering capital investment subsidies and customs duty exemptions for wind turbine manufacturing. The lobby group emphasised the need for the manufacturing sector to increase its GDP contribution beyond 25 per cent, leveraging high-tech product exports. For MSMEs, they proposed including Medium Enterprises in MSME Facilitation Councils to address delayed payments and extending NPA classification norms to 180 days. PHDCCI also called for expanding the Production-Linked Incentive (PLI) scheme to more sectors, including medicinal plants and handicrafts, to foster startup growth. The group stressed the importance of streamlining approval processes and harmonising regulations to attract more domestic and foreign investments. As the nation anticipates the upcoming Budget, these recommendations from PHDCCI provide a comprehensive roadmap for potential economic growth across various sectors, with a particular emphasis on agriculture as a key driver of employment and development. (KNN Bureau) 38294 https://knnindia.co.in/news/newsdetails/sectors/focus-on-reforms-in-agriculture-food-processing-in-budget-can-generate-employment-phdcci 2024-06-21 15:10:20 knnindia.co.in Focus on Reforms in Agriculture & Food Processing in Budget Can Generate Employment: PHDCCI