As the fiscal year 2024-25 approaches, anticipation builds around the upcoming budget, with various stakeholders looking forward to policies and measures that will drive economic growth, stability, and inclusivity.
Since Nirmala Sitharaman seems to be the only constant from previous year’s list of cabinet members, financial institutions like BankBazaar anticipate that tax-slabs won’t be the same as of previous year’s, since the new tax regime has failed to attract salaried taxpayers, there is an urgent need in Budget 2024 for enhancement in deductions in the old tax regime that taxpayers continue to opt for.
Employee Skill Enhancement; Need Of The Hour!
And this isn’t it; according to Amit Goyal, Regional Managing Director, South Asia, Project Management Institute, “government needs to elevate the skills and employability of India’s citizens.” Goyal is of the firm belief that project management can contribute significantly to India’s knowledge economy, with LinkedIn naming it as one of its top 10 most in-demand skills this year.
In today’s fast-paced and dynamic business environment, the demand for project professionals has surged across various industries. The need for such professionals are crucial in managing projects efficiently, ensuring they are completed on time, within scope, and on budget; leading to sustainable hiring and lower layoff numbers.
Reports claim that project professionals are needed more than ever to lead India’s growth initiatives across various industries. Increasing manufacturing production, accelerating the space industry, scaling our digital infrastructure, supercharging sustainability, and expanding tech-driven innovation. All these efforts will fuel demand for more project talent. In their upcoming budget announcement, the government has a chance to introduce policies that nurture this talent required across industries, while helping workers enhance their career opportunities.
Organisations investing in skilled project professionals are better positioned to achieve their strategic goals, drive innovation, and maintain a competitive edge in the marketplace. As the business landscape continues to evolve, the role of project professionals will only become more critical.
Talking about the usage of skilled professionals today, Goyal emphasises on the government's Skill India Mission, which provides the depth and heft to upskill millions, must align with the evolving needs of industries. As the era of generalists ends and specialized skills become essential, there’s an opportunity for Skill India Mission to deliver programs that equip the current and future workforce with the skills to succeed in a rapidly changing business environment.
Today, India is experiencing a wave of young talent; and Goyal terms it as “youthquake” which urgently needs to be equipped with robust and transferable skills that will help them navigate a rapidly changing job market that is being disrupted by new technologies. Integrating project-based learning as early as possible, particularly across college curricula and apprenticeship programs, will enable Gen Z to gain essential skills that are applicable across industries while boosting their employability and personal development.
"Looking ahead to the upcoming budget, there are already promising efforts underway to strengthen the industry-academia interface and enhance professional skill development. Government support in incentivizing internships and apprenticeships will be pivotal in equipping our workforce with practical experience and readiness for employment upon graduation,” states Srinivasa Addepalli,Founder and CEO, GlobalGyan Leadership Academy
Continuous learning and upskilling are imperative for professionals to navigate evolving market dynamics and technological advancements. Encouraging investments in skill certifications and leadership development programs through tax relief measures can significantly boost individual and enterprise readiness for future challenges.
Road Ahead!
In today’s time and times to come, enhancing employees' skills is not only a strategic benefit, but mandatory for most organisation wanting to survive in the cutthroat, fast-paced world of today. These expenditures and enhancements have a variety of positive effects, including increased productivity, inventiveness, employee retention, and overall organisational performance.
Kishan Jain, Director at Goldmedal Electricals anticipate, “such expenditures in Industry 4.0-specific skill-development initiatives will help in, promoting widespread employment and propelling national economic expansion."
Further, employers can also create a workforce that is high-performing, flexible, and resilient enough to handle the challenges of the future by placing a strong priority on ongoing learning and development.
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