Union Budget 2024 should lay a strong roadmap for economic growth and create new job opportunities across sectors -Jasvinder Bedi
The job market has been like a rollercoaster with its ups and downs in recent times influenced by technological advancements and global influences. With a stronger GDP forecast, the job market now looks set for stability, maybe even growth. The increasing demand for talent and higher consumption in India make the future look bright for both job seekers and employers. Hence, we expect measures from the upcoming Union Budget 2024, mostly about employee welfare and taxation, the employment process, formal job creation opportunities, reducing compliance complexity, roll out of labour codes making them more adaptable to the modern workplace and addressing the skill-gap challenge in the country. The staffing industry plays a critical role in opening up employment opportunities, helping the organisation to build their business, developing a talent pipeline, and thus fueling economic growth. Hence this industry deserves to be given an industry status.
The need for upskilling and reskilling has gone up significantly, much more than what was seen a few years back. Job creation and equipping people with desired skills, especially in technology, must be a focal point in the upcoming budget, aligning the workforce with emerging market demands. As skilling in the new and emerging technologies becomes the need of the hour for various industries, we expect the Union Budget 2024 to allocate more funds into a structured and comprehensive skilling programme. We strongly believe that the current skill gap can be significantly reduced through various initiatives such as vocational training, STEM education, and digital upskilling programs as these initiatives can prepare the workforce not only for the present job market but also for future roles in emerging industries. Simultaneously, encouraging deductions for training courses will promote professional development and lifelong learning, enhancing individual career growth and overall workforce competitiveness.
We feel that few changes are crucial for creating a more dynamic and responsive HR landscape in India’s rapidly evolving economic environment. In order to provide the same degree of flexibility to the core sectors as is accessible to the services sector, it is imperative that our labour laws be redrafted in line with the changing times. Sustainable employment generation and micro-entrepreneurship are crucial for driving India’s economic growth and development. We also believe that the Government will undertake several initiatives to increase participation of women in the workforce. While the government has been providing impetus towards job creation through several initiatives, it is important that the Union Budget 2024 lays a strong roadmap for economic growth and continues the momentum to create new job opportunities across sectors. As the budget unfolds scaling the path towards India’s growth story, we await a socially inclusive budget, with measures and allocations that will pave the way for a robust and inclusive workforce.
Jasvinder Bedi, Managing Partner, Biz Staffing Comrade Pvt Ltd, a renowned name in the HR realm, providing a wide range of recruitment and selection services to diverse companies, and the views expressed in this article are his own
