Job Creation Demands Major Attention In Union Budget
Nilabh Kapoor, Business Head India, OLX People
The most important issue that is expected to be addressed in the upcoming union budget is job creation. There was a noticeable slowdown in automobile, engineering and manufacturing sectors in 2019 which has led to job concerns within these fields. The government is expected to take measures in terms of policy creation and appropriate budgeting that will uplift the sentiments in these verticals.
The IT industry, primarily, is expected to be a huge focus in the government’s second term, given the important curve at which it stands today due to growth drivers like Artificial Intelligence, Machine Learning, and IoT.
Two other key areas that are anticipated to be big winners in the budget announcement are skill development across sectors and labor laws. The amalgamation and quick implementation of our labor laws into 4 labor codes based on significance, is a step that is expected to boost the sentiments of this segment and ensure better and more inclusive opportunities for the current informal economy.
Yogita Tulsiani, Co-founder, CEO, iXceed Solutions
"To endure our economic growth, we need investments that will help generate a skilled workforce. This makes the hope for higher investment in education and connected initiatives like Skill India. For one, we need to prepare the next generation of youth on future-focused skills like evolving technologies to build stronger career paths. We also need to think of ways to re-skill our current workforce beyond legacy and technical competencies. The government has to create a budget that encourages ease of business, increases consumption and recovers investment. This can happen only if the household increases their spending, which can only occur if they have more money in their hands. So, as expecting tax-breaks for the middle class, especially for the salaried class."
