“The unambiguous mandate by the people in the recent election has set the ball rolling for the New India,” stated Nirmala Sitharaman, Finance Minister, India. The entire country was glued to the television sets and their mobile screens to know what has the minister to offer. Industry leaders laud the first budget of this financial year. Read more to know their views-
Sanjay Bahl, MD & CEO, Centum Learning- The initiative to expand Women SHG Interest Subvention Programme in all the districts of India, could prove to be a great support in developing the entrepreneurial ecosystem at the grass root level. As a leading skills training provider, we foresee a trickledown effect in Skill India Mission. Additionally, the government’s vision to train 10 million youth with future-ready skills in areas of Artificial Intelligence, Big Data, Robotics, etc. is a very forthcoming approach that we are in full support of.”
Paul Dupuis, MD and CEO, Randstad India- It was critical to overhaul the country's archaic labor laws. It is a step in the right direction taken by the Finance Minister to revamp the labor laws into a set of four labor codes as this will help in standardization of various processes and ensure better dispute settlement, job security and industrial relations.
One of the key concerns for India is not only creating jobs but to create future job seekers who are adept with skills that the ‘Jobs of the Future’ will demand. It is quite commendable that the Government has introduced skilling initiatives in areas such as Artificial Intelligence, Big Data, Robotics, etc., which will aid job creation. These measures will help in creating more jobs as was envisaged in the Economic Survey 2018-19. It will definitely put India on the global map and enable it to become a favored investment destination.
Dr. Santanu Paul, Co-founder & CEO, TalentSprint - It is laudable that the FM in her maiden budget has called out the need for equipping our youth in new-age automation skills such as AI, Robotics, and Big Data. This is a tacit acknowledgment that the world is changing rapidly and our nation's skill development initiatives need of a major overhaul. It is an acceptance of the new global normal where high-end skills command a premium, and low-end skills trade at a discount.
Jatin Dalal, Senior Vice President & CFO, Wipro Limited - It is encouraging that the fiscal deficit target has been revised downwards from 3.4% to 3.3%. Strengthening PSU banks’ capital and improving RBI’s oversight on the financial sector will likely improve the flow of credit in the economy. A series of measures to enhance capital flows and employment generation are also great steps. Better growth with macro-economic stability will be the ideal outcome.”
Rituparna Chakraborty, President, Indian Staffing Federation -It's directionally aimed at building a social economy and each of the 10 points has ingredients for future job creation. Rural India, Women empowerment, Start-ups, Electric vehicles, Education, Skills, Make in India, Infrastructure, Employment-generation, Ease of doing business. Enabling employment creation extends to multiple dimensions - tax incentives, digital focus, infrastructure development, promotion of sunrise sectors, empowering MSMEs and social enterprises and sops for higher education to name a few.
In addition, the four labor codes, changes in corporate taxation, simplification of GST filing, impetus in infrastructure, banking, aviation will have an impact on formal job creation. While we see impetus in high-end skill building capabilities, it has no mention of possible investments to be made in building vocational skills. The expectation was to see more large-scale structural reforms but it has emphasized on the right steps in taking forward some of the reforms initiated in the Modi 1.0. I hope the implementation of the decisions taken is done with choreographic precision to maximize the benefits for the economy.
Anand Kripalu, Managing Director and CEO, Diageo India -Through policy reforms to rejuvenate investment, ‘Make in India’ and Ease of Doing Business, as well as measures to tackle the country’s water shortage and climate change, the budget lives up to the government’s vision of a New India that aims at inclusive growth. The acknowledgment of India Inc’s role as the nation’s job and wealth creators is heartening. Operating with the high standards of compliance, in a sector that is in urgent need of regulatory reform, we are delighted at the Government’s Vision of ‘Minimum Government Maximum Governance’.