Budget 2024: Experts push for job creation by allocating funds for education, upskilling, PPP model

Just a day before the Union Budget 2024 of the Modi 3.0 government, several experts suggested Finance Minister Nirmala Sitharaman to keep the focus on a robust job market by incentivizing industries that have high employment potential. Besides, policies that would incentivize upskilling and vocational training are also need of the hour.

"The key to building a stronger economy for us will lie in enhancing government spending on education and bringing in more structured public-private partnerships in primary and secondary education," Anandorup Ghose, Partner, CHRO Programme Leader, Deloitte India said.

Sekhar Garisa, CEO of talent platform foundit told Storyboard18 that Budget 2024 should include policies that will drive innovation and attract foreign investments as such measures will result in job creation in emerging sectors like green collar jobs, IoT-enabled manufacturing, and travel and tourism. Garisa said that these industries have the potential to create niche job roles, helping in fostering talent development.

"At foundit, we have noted a significant 13% growth in demand for green jobs since last year, underscoring the expanding opportunities in sustainable sectors," Garisa said.

Lohit Bhatia, President of Workforce Management, Quess Corp said that the most critical thing in India's job creation is creating faster formal employment. Bhatia has suggested that the employment generation industry can be brought down in GST from 18% to 5% and considered as "merit services".

"Domestic workers which are estimated to be 50 million (of which 85% are women) can be supported with social security under the social security code approved as part of the labour code, individuals should contribute an additional 5% towards the social security and income tax benefits can be given to such individuals for the formal employment creation. Together this focus on women, domestic workers, MSME workers, and reduction in GST for the employment industry can greatly benefit the economy by transitioning more individuals from informal to formal jobs," Bhatia said.

Himansh Verma, CEO of Navrattan Group said that the support for manufacturing, agriculture, and services can drive job creation. He added "Supporting startups and small businesses through tax breaks and easier access to capital can significantly boost job creation. Investing in infrastructure projects can lead to immediate job opportunities and long-term economic benefits.".

Mamta Shekhawat, Founder of Gradding.com pointed out that in the era of the digital economy, there should be, "more skilled employees in regions such as IT, statistics analytics, and online advertising and marketing".

Hariom Seth, Founder of Tagglabs has suggested increased budgetary allocations for, "virtual infrastructure development, upskilling applications, studies and development in emerging technology like AI, IoT, and cybersecurity". Moreover, tax incentives or subsidies for technology startups and agencies ought to, in addition, improve employment possibilities inside the sector, Seth added.