“India has stayed resilient in the past few months despite the global headwinds and macroeconomic conditions. However, for the business spirit to continue, certain interventions are required at the policy level, making this year’s budget a much-awaited one. Uniformity in taxation is very critical for corporations. On priority, for the manufacturing and services sector to flourish, reducing corporate tax to a globally competitive 15% is the need of the hour.
Furthermore from a skilling perspective, the right fiscal steps to revisit some of the government-sanctioned investments in skilling for future technologies like 5G, Blockchain, AI/ML, and Data Science will help prepare the Indian workforce not just for immediate job requirements but for future preparedness as well. With 5G implementation going on in full swing, a specific focus on skilling intervention around 5G technology, Data Communication, and Cloud Computing would be equally essential.
Lastly for salaried employees, increasing the minimum tax bracket to 5 Lakh and reducing the tax burden further by lowering the highest slab to 25% will go a long way in motivating people to join the formal workforce. Some of these reforms will play an important role in addressing the skill gap, especially in the niche categories and addressing attrition which is a big concern for many industries.”- Sachin Alug, CEO, NLB Services