The Union Budget 2024-25 is a significant milestone for India, with its focus on skills development, higher education, and the empowerment of youth and women, said the Singapore Indian Chamber of Commerce and Industry (SICCI) on Wednesday.
"These initiatives are crucial in preparing the Indian citizenry to tackle the economic challenges of the future," SICCI Chairman Neil Parekh commented on the latest financial package designed to drive the Indian economy forward.
"SICCI lauds these efforts announced by India's Finance Minister Nirmala Sitharaman. It commends the Indian government under the leadership of Prime Minister Narendra Modi for its foresight in preparing the younger generation to take India to even greater heights," said Parekh.
The Budget has allocated Rs 1.48 lakh crore for education, employment, and skill development initiatives in the country, demonstrating the government's commitment to empowering the youth and enhancing their skills for better employment opportunities. This includes upgrading 1,000 industrial training institutes, noted Parekh.
"SICCI would be pleased to work with the various training institutes to upgrade their facilities. Many of our members have experience running educational institutions, and we are ready to share our expertise to help these training institutes become future-ready for the ever-changing economic landscape," said Parekh, who has been a nominated member of Parliament in Singapore since July 2023.
SICCI is also enthusiastic about the proposals to develop 12 industrial parks, as announced by Finance Minister Sitharaman.
"We are eagerly anticipating the details of these proposals, which we can share with various sister trade associations and chambers of commerce in Singapore,” added Parekh, head of the 500-member Indian chamber in the city-state.
"This sharing of information may spark interest in exploring joint ventures in the various industrial parks, opening a world of exciting new business opportunities," Parekh said.
For businesses and keen investors, a welcome announcement in the Budget would be the abolishment of the Angel Tax for certain classes of investors and the reduction of the corporate tax rate on foreign companies from 40 percent to 35 percent, he believes.
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