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Exploring the key components of FY25 budget, including employment-boosting measures, support for women in the workforce, incentives for companies and startups. Details on personal income tax changes, standard deductions, tax rates, contributions to National Pension Scheme deductions, and effects on capital gains taxes.
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- New employment schemes aim to boost job creation and upskilling workforce.
- Tax incentives introduced to support startups and streamline tax processes for certain industries.
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Government's Efforts towards Encouraging Employment
The government introduced three new employment linked incentive schemes aimed at increasing job creation and upskilling the workforce. These schemes provide benefits for both employers and employees, including reimbursing employers for EPF contributions for new hires. Additionally, the government plans to skill 20 lakhs youth through upgraded industrial training institutes with a government-backed loan scheme to support students financially.
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