India’s Interim Budget 2024, dubbed ‘Sabka Saath, Sabka Vikas’ (Together, Everyone’s Development), emphasises stability, inclusive growth, and crucial investments in education, infrastructure and entrepreneurship. While job creation wasn’t explicitly addressed, the budget’s focus on long-term growth and human capital development holds promise for the future of India’s workforce.
According to Viswanath PS, MD & CEO, Randstad, the spotlight on inclusive education, income generation and employment opportunities positions India strategically to attract global stakeholders. Investments in educational infrastructure emerge as a linchpin for equipping the workforce for future demands, signalling a positive trajectory in building a skilled talent pool.
This comprehensive strategy holds the key to elevate the manufacturing sector’s GDP contribution from 17 per cent to 25 per cent by 2047, paving the way for a substantial increase in job opportunities.
Jaikrishna B, president group-HR, Amara Raja Group
Furthermore, the Skill India Mission’s ambitious target to skill 1.4 crore individuals, upskill and re-skill 54 lakh youth, and establish 3,000 new Industrial Training Institutes aligns seamlessly with the production linked incentives (PLI) and Make in India initiatives.
Jaikrishna B, president group-HR, Amara Raja Group, asserts that this comprehensive strategy holds the key to elevate the manufacturing sector’s GDP contribution from 17 per cent to 25 per cent by 2047, paving the way for a substantial increase in job opportunities.
Shailesh Singh, senior director & CPO, Max Life Insurance, lauds the budget’s focus on continuity and stability, citing its positive impact on tier-three and tier-four cities, along with non-urban locations, which is beneficial for companies eyeing expansion. Singh anticipates growth opportunities in these areas, particularly in the BFSI sector, fostering economic expansion and reducing uncertainty.
“The increase in medical colleges will augment the healthcare workforce, enhancing accessibility to quality healthcare nationwide.”
Amit Sharma, senior HR leader
While direct announcements on job creation were absent, the increased allocations in railways, port infrastructure and aviation are perceived as potential catalysts for employment generation. The emphasis on projects such as the PM Awas Yojana and the expansion of railway-dedicated freight corridors signals a sustained commitment to infrastructure development, translating to increased employment prospects, notes Amit Sharma, a senior HR leader.
Moreover, the budget’s thrust on enhancing the country’s private sector research and development (R&D) capabilities is hailed as a harbinger of sustainable economic growth. A standout feature is the government’s allocation of a one lakh crore corpus for interest-free loans dedicated to deep technology research, a move that Amit Sharma believes holds immense significance for India, positioned as the IT capital of the world.
“The overarching emphasis on continuity, growth, and expanding the tax base through digitisation is seen as a strategic approach to enhance India’s economic prospects.”
Shailesh Singh, senior director & CPO, Max Life Insurance
The proactive measures to foster entrepreneurship and self-reliance, especially among women, lay a solid foundation for creating a workforce not only seeking jobs but contributing to job creation.
Viswanath emphasises that this approach nurtures innovation and indigenous business incubation, transforming job seekers into job creators.
The commitment to establishing more medical colleges is another praiseworthy initiative, aimed at addressing the shortage of healthcare professionals in India, particularly doctors.
Sharma highlights that the increase in medical colleges will augment the healthcare workforce, enhancing accessibility to quality healthcare nationwide.
Singh highlights the positive impact of the budget’s policies on tax collections, attributing it to a simplified tax regime and incentives for global investors and startups. The overarching emphasis on continuity, growth and expansion of the tax base through digitisation is seen as a strategic approach to enhance India’s economic prospects.
“The spotlight on inclusive education, income generation, and employment opportunities positions India strategically to attract global stakeholders.”
Viswanath PS, MD & CEO, Randstad
Gender diversity and inclusivity take centre stage in the budget, with a 28 per cent increase in female enrolment in higher education over a decade lauded as a crucial step towards gender inclusivity and empowerment. Jaikrishna emphasises the positive trajectory for women’s participation in the workforce.
Looking ahead, stakeholders anticipate a continued focus on stability and growth in the full budget post elections.
Viswanath suggests that while the interim budget reflects a well-rounded approach to strengthening the country’s economic roots, more clarity is anticipated on pertinent avenues such as the expanding gig economy and specifics around employment-generation challenges in the forthcoming budget.
In summation, the interim budget sets a robust foundation for India’s transition into a developed economy over the next few decades, poised to emerge as a premier talent and employment hub globally. The multifaceted approach, from fostering tech research to bolstering infrastructure and healthcare, positions the budget’s key features to influence India’s human-resource landscape positively. Jaikrishna concludes that from a personal perspective, the interim budget symbolises disciplined fiscal consolidation, laying the groundwork for an imminent economic upswing—a significant stride towards the nation’s prosperity.