WB FM holds fruitful meeting in Delhi, 38 projects cleared

West Bengal Chief Minister Ms Mamata Banerjee, during her 3-day visit to the National Capital, held a meeting on Monday with the Union Minister for Environment, Forests and Climate Change, Prakash Javadekar regarding clearance for several investment proposals for the State.

State Finance and Industries Minister, Dr Amit Mitra followed up with the Union Minister on the status of projects submitted for clearance.

Thirty eight projects cleared

“These projects, once cleared, will generate a lot of investment to the State and create huge employment opportunities,” said Dr Mitra.

During the meeting, the Union Minister informed Dr Amit Mitra that the Centre has cleared 38 projects which include 5 State PSU projects, 19 private projects and 14 Central PSU projects. These projects were cleared with the effort of the State government.

 

List of Central PSU projects include:

  • ONGC – 4 projects
  • NTPC – 1 project
  • IISCO – 2 projects
  • DVC – Bankura Project
  • Eastern Coal Fields Ltd
  • Durgapur Steel Expansion among others

 

List of Private projects include:

  • Larsen & Tubro Power Development Ltd
  • Orissa Metaliks Pvt Ltd
  • Rashmi Cement Ltd
  • Rashmi Mitaliks Ltd
  • Bengal Emta Coal Mines Ltd
  • Alpine Distilleries Pvt Ltd among others

 

Mega Ganga cleaning project

The State government has also submitted a proposal worth Rs 13000 crore to the National Green Tribunal (NGT) for cleaning the Ganga.

The mega Ganga cleaning plan involves 41 municipalities (for solid waste management), 780 industrial units (for affluent treatment). A report has been submitted to the Centre urging it to clear it through the NGT.

When it comes to environmental responsibility, the West Bengal Government has been proactive; the Ganga cleaning proposal is a perfect example of a concrete step taken by the government.

Tax reforms proposed in WB State Budget 2015

West Bengal Government has proposed a list of tax reforms in the Budget 2015. The measures are expected to increase compliance and simplify the process of returns and help in solving pending issues.

The State’s revenue has increased historically from Rs 21000 Crore to Rs 40,000 Crore in the current fiscal (up to January 2015). The reform measures as listed by Amit Mita, Minister of Finance, West Bengal, will increase the ease of doing businesses and provide relief to small dealers.

The reforms in the tax administration have been widely acknowledged nationally with Commercial Taxes Directorate being adjudged FIRST among all states in the CSI-Nihilent e-Governance Award, 2013-14 and National Award on e-Governance 2014-15 in ‘Excellence in Governance.’

Amit Mitra said, “These are method of incentivising people to pay taxes. If you look closely you will find that there are incentives which we have provided for people, to come within the tax net.”

Highlights of tax reforms:

  • The threshold for VAT payment has been increased from the existing Rs 5 lakh to Rs 10 lakh, which will be providing relief to 20,000 small dealers
  • The Government has introduced an attractive tax amnesty scheme (from 01/04/2015 to 31/07/2015), where unregistered dealers can register themselves under VAT and pay the past tax liabilities at a lower rate, without penalty
  • The threshold for filing CA certified audit report has been increased from a turnover of Rs 5 Crore to Rs 10 Crore; thus increasing in ease of doing business
  • Due to substantive changes in the assessment procedure and greater transparency, the number of assessments had a drop of 300% in the last 3 years from 173,588(2011-12) to 40,493(2013-14)
  • The time of VAT refunds has decreased from eight to nine months (2010-11) to just one month. The simplification in refund procedure has helped to increase the refund numbers by eight times and the quantum of refund by 14 times
  • The scope of pre-assessment refund is extended to dealers whose combined turnover of export and inter-state sales, exceeds 50% of total turnover
  • VAT registration will be granted within 24 hours of online application, made using digital signature
  • At present, Profession Tax enrolment is required for online VAT registration. The Government has proposed to integrate the online system so that a dealer can obtain both of them at a time
  • The threshold of not charging Amusement Tax has been increased for tickets with a value of  Rs 60 to Rs 100 for certain list of entertainment show

West Bengal Govt proposes to reduce Stamp Duty on properties

The West Bengal Government has proposed to reduce Stamp Duty on properties. At present 1% additional Stamp Duty is charged on properties whose market value exceeds Rs. 30 lakhs. It has been proposed to raise the threshold from Rs. 30 lakhs to Rs. 40 lakhs with immediate effect. As a result, the property owners will have to pay reduced Stamp Duty of 6% instead of 7% on properties with market value up to Rs. 40 lakhs.

Dr Amit Mitra spoke at the Assembly after laying the West Bengal Finance Bill 2015 for next year.

The Finance Minister further said that Budget had allocated total outlay to the social sector like health and education. Replying to a member’s question on whether the Government was tweaking the sales tax on gold, Dr Mitra replied in negative. The Government, he said, plans to make the State a future destination for gold and jewellery industry for which it had created 2.5 lakh square feet of vertical space at Domjur in Howrah.

The West Bengal Appropriation Bill 2015 was also passed on the last day of the Budget Session 2015-16.

Special Assistance to Bengal a ‘bluff’: Mamata Banerjee

West Bengal Chief Minister Ms Mamata Banerjee on Monday dismissed as a “bluff” the special assistance proposed by the Central Government for West Bengal and demanded the Centre stop taking away funds towards repayment of loans.

Finance Minister Arun Jaitley had proposed assistance for Bihar and West Bengal in the 2015 Union Budget.

“Developmental projects need money. Money is being taken away by the Central Government. We are not asking the Centre to give money, we are asking to stop taking away money from us,” Ms Banerjee said after inaugurating a state-run burial ground at Topsia in East Kolkata.

“The so called ‘package’ is a bluff. We used to get 61.8 percent. That is being raised to 62 percent,” the West Bengal Chief Minister said.

State Finance Minister Dr Amit Mitra had earlier said the total grant to Bengal in 2014 was Rs 4,05,582 Crore and in 2015, it is Rs 3,28,277 Crore, a reduction of 20 percent.

“The truth is, if all the grants are calculated together, in 2014, 61.88 percent was given, in 2015, the share is 62 percent,” Dr Mitra had said on Saturday.

Dr Amit Mitra slams Jaitley over ‘anti-people’ Union Budget

West Bengal Finance Minister Dr Amit Mitra on Saturday slammed Union Finance Minister Arun Jaitley saying there was a dichotomy in the latter’s distribution of central resources to the state governments.

According to Dr Mitra, while one the hand, Jaitley is making a big public display of giving more resources to the state governments through a higher rate of tax devolution, he is carefully concealing the fact that he is also taking away a lot from them. “When you asked me about my reactions to the 14th finance commission recommendations on the higher rate of tax devolution on Friday, I reserved my comments till I studied the budget details.

“Today, after studying the same, it is clear to me that while on the one hand the Union government is making a big public display of offering additional resources to the state governments through a higher rate of tax devolution, on the other it has negated those additional resources by curtailing allocation under major heads of the different centrally sponsored schemes for the state governments,” Dr Mitra told mediapersons at Nabanna on Saturday.

According to Dr Mitra, a 22.14% cut under Sarva Siksha Avijan, a 50% reduction under the Integrated Child Development Scheme (ICDS) and a 12% cutback under the National Livelihood Mission (NLM) are greatest examples of what has been given with one hand and taken away by the other.

“One figure is enough to prove this. The total central grant to the state governments was 4.05 lakh crore for 2014-15, which has come down to 3.28 lakh crore for 2015-16,. It is completely an anti-people budget,” he said.

Commenting on the Union Finance Minister’s announcement of a special assistance package for Bengal and Bihar, Dr Mitra said he is not quite sure whether this special package will come at all.

“The Union Finance Minister said that this special assistance package will come on the lines of what had been earlier announced for Andhra Pradesh. Now, Andhra Pradesh got a financial package of 850 crore. This a paltry sum since the Union government straightaway takes out 28,000 crore from the Bengal exchequer for servicing its debt,” Dr Mitra said.

“The West Bengal Chief Minister will surely take up the matter when she meets Prime Minister Narendra Modi,” he said.

Girls to get more from ‘Kanyashree’ scheme in West Bengal

The West Bengal Government increased the budget for its successful ‘Kanyashree’ scheme for empowering girls by increasing the scholarship amount.

“Encouraged by the success, I propose to enhance the annual scholarship amount under the scheme from Rs 500 to Rs 750. With this increase, allocation for the ‘Kanyashree Prakalpa’ will stand at Rs 850 crore,” state Finance Minister Dr Amit Mitra said in his budget speech.

So far, 22 lakh beneficiaries have been enrolled under the scheme and assistance has been given to 20 lakh people, he said.

Under the scheme, an annual scholarship is provided to poor girls between 13 and 18 years to continue their studies.

Besides, if an unmarried girl continues her studies up to the age of 18 years, a one-time grant of Rs 25,000 is deposited in her bank account.

‘Kanyashree’ was acclaimed as a case study in the Girls’ Summit held in July 2014 at London and had received the first prize in the Manthan South Asia and Asia Pacific award in e-governance.

In the Assembly, the minister also announced that bicycles would be provided to all 40 lakh students of the state from class IX to class XII within the next two years.

“Students in rural areas find it difficult to attend school when they have to walk for some distance. Poor families cannot spare money for transport. This partially accounts for dropouts among students after class VIII,” Mitra said adding they have already distributed almost five lakh bicycles.

Common man, SMEs – big gainers in West Bengal Budget 2015-16

From slashing stamp duty for properties to raising VAT exemption limits, West Bengal Finance Dr Amit Mitra took every step to woo the middle class in this year’s state budget.

Dr Mitra has reduced 1% additional stamp duty on properties that are valued between Rs 30 lakh and Rs 40 lakh. The proposed stamp duty for properties in this range will be 6% instead of 7% earlier. Industry sources say it will translate into a saving of around 14% for a buyer.

A property priced at Rs 40 lakh was earlier attracting a stamp duty of Rs 2.80 lakh. But with the new rates in place, the buyer will save Rs 40 thousands, or around 14%, on the earlier stamp duty .

Jitendra Khaitan, chief managing director of Pioneer Properties and board member of National Realtors’ Association, felt that the decision would offset service tax burden on the buyer to a large extent. “A reduction in costs always sends right signals across the industry . A saving of Rs 40,000 on stamp duty will encourage buyers,“ he said.

Dr Mitra has also tried to address concerns of the small and medium business units he had spoken to at length a month before the budget.He has increased threshold limit of VAT exemption for units with turnover of Rs 5 lakh to Rs 10 lakh.According to the finance minister, around 20,000 businessmen will now go out of the VAT ambit after the new announcement. Industry experts said the small businessmen used to get reimbursements for the VAT earlier. But with the new exemption in place, they will no more have to wait till the money is reimbursed.

Respite has also been given to business units which have turnover up to Rs 5 crore. These units will not have to hire chartered accountants any more. The state department of micro, small and medium enterprises has been running campaigns for ease of doing business in Bengal for the past six years. By bringing a large chunk of MSMEs out of the compulsory appointment of chartered accountants and promoting self-assessment, the Minister has also tried to encourage the process.

The State MSME secretary said more than 10,000 new MSME units were being registered in Bengal every year. While 60 per cent of them are in the manufacturing sector, the remaining are in the service sector. While it is difficult to quantify the units by turnover, most of these units have an investment of Rs 1 crore on an average.

Dr Mitra also tried to encourage the non-cinema entertainment industry in the state by reducing amusement tax. Events such as musical concerts, magic shows and dance will now be brought under the exemption net. Dr Mitra has proposed to enhance exemption limit from Rs 60 earlier to Rs 100.

Economist Abhirup Sarkar feels that there is little room for giving relief to the middle class in West Bengal. “In Bengal, state taxes are much below the national average. Giving further relief is a challenging task for a Finance Minister. He (Dr Mitra) has tried to create some room even in that short space,“ he said.

Corporates hail ‘positive’ West Bengal Budget 2015-16

The Bengal Inc has hailed the budget of West Bengal Finance Minister Dr Amit Mitra and termed it as a forward-looking and positive one.

The industry bodies, including the Indian Chamber of Commerce, MCC Chamber of Commerce and Industry, Bengal Chamber of Commerce and Industry, Bharat Chamber of Commerce, CII and Bengal National Chamber of Commerce (BNCCI), have hailed the budget.

ICC director general Rajiv Singh pointed out that despite the huge debt burden, which will go up to Rs 2.99 lakh crore, the Finance Minister has been able to make fund allotments to almost all growth sectors of the state’s economy. It was commendable that the state GDP growth rate was much higher at 10.48% compared to the all India figure of 7.5%. “Over the last three years, the state has been able to double the plan expenditure which was a record increase,” he added.

Bengal Chamber of Commerce director general P Roy feels that it is a forward-looking and people-oriented budget with focus on social sectors.

Bharat Chamber president Sajjan Bhajanka congratulated Mitra for presenting a fairly-balanced budget which he feels aims at generating new infrastructure, preserving the existing infrastructure, boosting agricultural productivity of the state, giving greater emphasis on employment generation and ensuring transparent governance.

MCC Chamber president Arun K Saraf hailed the budget for simplicity and reform in tax system. “Assessment procedure has been simplified and tax refund has been made speedier and time bound,” he added.

Chairman of Universal Success, Prasoon Mukherjee, congratulated Dr Mitra for the thrust on green energy and tourism. “He has declared VAT concessions for green energy generation which is a prudent initiative. The budget has also put stress on new tourism circuit which is good for Bengal. We can present the state as an attractive tourism destination,” he added.

Patton MD Sanjay Budhia said that Dr Mitra has unleashed major tax reforms which will boost industrialization in Bengal. Chairman of Sarda Group, G Sarda, said that the Finance Minister has ensured thrust on employment and also tried to direct the state economy towards development.

This is a budget for Maa, Mati, Manush: WB CM on Bengal Budget 2015

West Bengal Chief Minister Ms Mamata Banerjee and Finance Minister Dr Amit Mitra held a post-Budget press conference at West Bengal Assembly.

The Chief Minister said, “Today the West Bengal Budget 2015-16 was presented by Dr Amit Mitra. This is a people’s Budget. This is a Budget for Maa, Mati, Manush. West Bengal is the only State facing huge debt-burden. We were asked to wait for 14th Finance Commission Report. But it is silent.”

Highlights of the Chief Minister’s reaction:

  • Only Bengal is suffering from the debt made by the previous Government
  • We want to tell the Central Government to write off the debt created by the previous Govt
  • In spite of our financial constraints, we are giving cycles to 40 lakh students to make them self sufficient and to decrease dropout rates
  • Stipend for our Kanyashree girls increased from Rs 500 to Rs 750
  • Tax reliefs, made allotments in rural and urban developmental works, for women and children
  • More than 5000 people decided to be employed in police at a Cabinet Meeting today
  • Why should we be penalized for the sins of the previous Government? We have been suffering for last 3 years
  • We have waited for the 14th Finance Commission for 3 years, we have been promised of loan waiver, but 14th Finance Commission is silent
  • If other states were in trouble, would not the Center have helped them?
  • I’ve spoken with the current Union Finance Minister thrice, I spoke to the previous Prime Minister and the previous Finance Minister, they told us to wait for 14th Finance Commission report
  • We believed and waited for the 14th Finance Commission recommendations, but they are still silent

 

Highlights of the WB Finance Minister’s reactions:

  • We are watching for the aggregate amount that Centre will be allotting for WB, inclusive of the grants
  • We are watching out for the aggregate amount that Centre will be allotting for WB, inclusive of the grants
  • Fiscal Deficit has decreased continuously over the years and Revenue Deficit has also decreased. The 14th Finance Commission has praised our performance.

 

Click here for the complete Bengal Budget 2015 highlights. 

Gross Value Added of Bengal 10.48% in 2014-15

West Bengal Finance Minister Dr Amit Mitra presented the Bengal Budget 2015 today at the West Bengal Assembly. Making a large leap this Financial Year, Bengal Government is aiming to jump a growth of 10.48% GSDP in 2015-16.

In a press conference after the announcement of this years budget the Chief Minister proudly said: “This is a people’s budget. This was a Budget for Maa, Mati, Manush.”

Here are the highlights of Dr Amit Mitra’s speech: 

  • Maa Mati Manush has confirmed their faith on our leader Mamata Banerjee time and again, Bengal economy is moving in a new direction
  • Bengal’s Gross Value Added Growth is 10.48%, while for the Nation it is 7.5%
  • Capital Expenditure growth: In 2010-11 it grew at  a negative 26%, in 2012-12 positive 24%, 2012-13, positive 63% and in 2013-14 positive 52%
  • Planned Expenditure has been a record double in 2 years
  • Bengal has a huge debt, in 2013-14, Rs 28,000 crore deducted
  • In the last 3 years more than 1 lakh crore has been deducted from the treasury
  • Food and storage capacity has been raised 9 times  in last 3 years from 40,000 MT
  • 95 Kisan Bazars have been planned, 84 are already running
  • To protect Food Security, 91,000 false ration cards have been cancelled
  • The number of digital ration cards have touched 7.8 crore numbers. This is an unprecedented success
  • West Bengal secured the top position in the 100 Days Work Scheme
  • The State Govt set up 25 lakh toilets in the last 3 years in households and schools
  • In Nijo Bhumi Nijo Griho scheme, 2 lakh 30 thousand pattas were distributed
  • For the economically challenged section, we have been able to increase the housing by 3 times
  • Under ‘Gitanjali’ scheme and ‘Amar Thikana Abason’ scheme 93,852 people and expenditure increased by 7.5 times
  • In Jal Bharo Jal Dharo scheme, 1,18,000 ponds were dug, target was 50,000
  • The supply of Drinking Water has increased by 252% in the last 3 years. The expenditure was Rs 470 crore (2010-11). We have started 615 projects for the rural water projects, which is double from 2010-11
  • We set up 95 Fair Price Medicine Shops from which 1 Cr 30 lakh people benefited worth Rs 364 crore.
  • 418 new primary schools and 1438 HS schools have been set up
  • 1618 Madhyamik schools upgraded to HS schools
  • 319 Junior schools upgraded to Madhyamik schools
  • 85,000 new classrooms set up in schools of West Bengal
  • There were 13 Universities in West Bengal since 1947, in 3 years we have set up another 13
  • There were 32 new colleges since 1947, we set up 40 new colleges in 3 years, since 2011, 43 new ITIs set up besides the 83 present, new 92 ITIs are underway
  • Since Independence only 62 ITIs are there. In the last 3 years we have set up 34 new ITIs and 32 new ITIs are coming
  • Among the minority community Rs 1392 Crore given as scholarships to 65 lakh needy students, which is 8 times than the previous Government
  • 22 lakh girl child have been registered in Kanyashree scheme and 20 lakh girl child already benefited
  • West Bengal has been in the top position in Skill Development in 2013 and 2014
  • Online registration for obtaining caste certificates started of which 2.74 lakh caste certificates of Tapashili caste are already distributed
  • The number of cycles given to tribal students is 10 times more than the previous Government
  • 45 lakh Unorganised Sector workers brought under the ambit of social security benefits
  • Rs 359 Cr has been given to 12 lakh workers in Unorganised Sector as social security benefits, which is 40 times more than the amount spent in 2001-2011.
  • Before 2011, there was 385 km rural roads, during 2013-14, the length increased by 4 times to 2631 km, 1270 kms converted to two lanes and 2672 kms broadened
  • The expenditure on roads and bridges have increased by 3 times
  • The Asian Highway 2 connecting Nepal border with Bangladesh border  worth Rs 600 crores and Asian Highway 48 connecting Bhutan border with Bangladesh border worth Rs 900 crore have already commenced
  • Birth-death certificates, trade license etc are to be given through online portal in municipal areas.
  • Rs 3420 crore has been given for 22 new townships. Investment proposal worth Rs 76000 crore received
  • The new district, Alipurduar created, Uttar Kanya, the North Bengal Secretariat set up
  • Uttar Banga Business Summit received proposal of Rs 2200 crore for investments and another Rs 1700 crore in MSME
  • Special emphasis is given in the 74 backward blocks of the 5 districts of western region. Out of the 260 project, work for 152 schemes have already been completed
  • For irrigation, a new project ‘Krishi Bandhu’ worth Rs 500 crore set up.
  • In Tourism, Planned Expenditure increased 20 times from 2010-11 to Rs 223 crore in 2014-15
  • New international carriers have started services like Dragon Air, Silk Air
  • Air Traffic at Bagdogra and Asansol have increased
  • 874 new buses are now on the roads boosting transport
  • Eco Park, International Convention Center set up at Rajarhat
  • Sales Tax has been reduced  for Aviation Turbine Fuel
  • For Kolkata airports sales tax over fuel reduced from 30% to 15%. The measures have helped to increase
  • 8 IT parks are on the verge of competition, another 7 are coming up. 2 electronic manufacturing hub have been sanctioned and one hardware park will be set up within 2015
  • In case of ‘big industries’ the investment under implementation or already implemented stands at Rs 84,211 crore from the stage F0 to F6, as i have explained earlier in the Assembly
  • In addition to this investment proposals worth Rs 55855 crore has been received earlier, and in the Bengal Global Business Summit proposal of Rs 2,43,000 crore have veen received, thus making a total of Rs 3,00,000 crore.
  • The bank lending to MSME has grown to a record high of Rs 40,713 crore, which is about 3 times.
  • In 2012-13 and 2013-14, this growth rate is the highest in India
  • The number of MSME clusters have increased by 3 times from 54 to 161
  • 531075 numbers of weavers identity card have been provided

 

Allocations 

– Food & Supplies – Rs 202 crore in 2015-16 from Rs 175.2 crore in 2014-15

– Agriculture Rs 1500 crore in 2015-16 from Rs 1157 crore in 2014-15

– Food Processing –  Rs 138 crore in 2015-16 from Rs 120 crore in 2014-15

– Water Supply –  Rs 450 crore in 2015-16 from Rs 356.85 crore in 2014-15

– Fisheries –  Rs 218.1 crore in 2015-16 from Rs 196 crore in 2014-15

– Irrigation  –  Rs 2041 crore in 2015-16 from Rs 1872.49 crore in 2014-15

– Water Resources –  Rs 528 crore in 2015-16 from Rs 466.52 crore in 2014-15

– Forest –  Rs 271 crore in 2015-16 from Rs 225 crore in 2014-15

– Health – Rs 2580 crore in 2015-16 from Rs 2211 crore in 2014-15

– School Education  – Rs 8055 crore in 2015-16 from Rs 6844 crore in 2014-15

– Women Dev – Rs 863.98 crore in 2015-16 from Rs 720.76 crore in 2014-15

– Labour – Rs 250 crore in 2015-16 from Rs 220 crore in 2014-15

– Sports – Rs 180 crore in 2015-16 from Rs 142 crore in 2014-15

– Youth Dev – Rs 160 crore in 2015-16 from Rs 130 crore in 2014-15

– Home – Rs 273 crore in 2015-16 from Rs 245 crore in 2014-15

– Culture – Rs 200 crore in 2015-16 from Rs 165 crore in 2014-15

– Urban Dev – Rs 1895 crore in 2015-16 from Rs 1585 crore in 2014-15

– Transport – Rs 450 crore in 2015-16 from Rs 400 crore in 2014-15

– Child Dev – Rs 2809 crore in 2015-16 from Rs 2420 crore in 2014-15

– Electricity – Rs 1295 crore in 2015-16 from Rs 1174 crore in 2014-15

– Municipal Affairs – Rs 2464 crore in 2015-16 from Rs 2251 crore in 2014-15

– Minority Dev – Rs 2033 crore in 2015-16 from Rs 1737 crore in 2014-15

– Backward Class Welfare – Rs 483 crore in 2015-16 from Rs 377 crore in 2014-15

– North Bengal Dev – Rs 450  crore in 2015-16 from Rs 375 crore in 2014-15

– Sundarbans Dev – Rs 370 crore in 2015-16 from Rs 300 crore in 2014-15

– MSME – Rs 618 crore in 2015-16 from Rs 536 crore in 2014-15

– Industry and Business – Rs 653.5 crore in 2015-16 from Rs 544 crore in 2014-15

  • WB received CSI Award for governance and ranked 1st in the category ‘Excellence in e-Governance’
  • VAT registration threshold has been increase from 5 lakhs to 10 lakhs, 20000 small business to be benefited
  • A host of steps to simplify VAT registration, appeal, refund etc taken up
  • Input Tax Credit to be extended to the manufacturers
  • Threshold of additional stamp duty for registering properties raised to Rs 40 lakh instead of Rs 30 lakh
  • Entertainment Tax relief increased to Rs 100 for music show, magic shows
  • 20 lakh hectres of new land to be brought under irrigation
  • The scholarship for Kanyashree raised to Rs 750 from Rs 500
  • The pensions for Samajik Mukti Card holders have been increased in various steps
  • Transport Workers are from now on entitled to avail Samajik Mukti Cards
  • 10 years of Tax Relief will be given to providers of Green Electricity
  • In the last year, we could create 16.6 lakh employment, in the coming year expecting 17.5 lakh employment