The Budget is in the right direction and aims to push economic growth by containing fiscal deficit and inflation. Opening up of FDI in a few sectors will boost job creation.
FULL COVERAGE:Union Budget We expect short to mid-term job creation in the insurance sector and long-term job creation in infrastructure and manufacturing sectors. The Micro Small and Medium Enterprises (MSME) sector will see momentum on the back of the Rs 10,000 crore venture capital funds. It has the potential to be a key job creator in the long term.
The creation of Skill Development Academy will make the 10 million to 12 million entering the job market employable. Lack of opportunities and access to proper training and facilities have led to a widening of the skill gap in India. The move to set up IITs, IIMs and medical colleges is a major boost to the education sector.
BUDGET SPEECH:Full text | Video These institutes will be able to attract good faculty members due to the brand and higher salaries they pay. It is also an good initiative for students too. We need not right away about jobs for them as it will be a few years before they graduate. Hopefully, the economy will have much more to offer by then.
Moorthy K Uppaluri is CEO, Randstad India.