The upcoming budget to be known as ‘Skill India’ has obviously created expectation and is the wish list for any industry. As you know, if India has to become of global quality, skill is the only answer. So the government is also working hard to meet the need for skilled employees.
Over and above, the industry is looking forward to certain concession in excise and taxation to make the product viable. Industry is hoping that the non-taxable gift limit from the existing Rs 5,000 per annum will be changed to Rs 10,000 per annum.
The boost in the manufacturing sector, especially in MSMEs and other allied sector is going to look for skilled manpower and thus the job recruitment scenario is going to change and they will be a good potential for growth.
The industries which are going to get a push from this year Budget is manufacturing, agriculture and infrastructure.
Several reforms such as manufacturing sector can sell its product through retail including E-commerce platform and initiatives like committee to examine the financial architecture for MSME Sector etc. is a clear cut road map for economic recovery and accelerated growth in industry. This in-turn, will boost employment automatically. Hence the overall budget is going to be a clear vision for fixing the economy.
With the emphasis laid on skill development and make in India campaign, recruiters also anticipate the government to find ways of generating employment opportunities in tier 2 and 3 cities. The government should also make skill development in the public-private partnership in skill development, which in turn will make India a lucrative destination for both domestic and foreign investors.
The author is G S Ramesh, Chairman, Layam Group