An unprecedented budget with jobs and growth at the focus. With the focus on Infrastructure (with an increase of Rs.70,000 corers from last year that will ably support Make in India), Entrepreneurship, Ease of doing business and Pin code level job generation (increased investment in MNEREGA scheme that will support rural job creation) the budget on one hand has the potential to generate 10 million jobs. On the other hand it will also help in increasing organized workforce as it encourages first generation entrepreneurs through SETU (Self- Employment & Talent Utilisation fund & MUDRA bank), takes first steps towards universal social security system and brings good news to the lower income groups by proposing contribution to PF optional for low income groups (without impacting contribution from employers) and giving a choice to them to invest in ESIC .
PankajBansal, Chief Executive Officer and Co-Founder PeopleStrong HR Services, said there is likely to be increase of about 20-25 per cent in hiring intent compared to last year.
He said, The sectors that will be at the forefront of this change are hospitality, banking, financial services and insurance (BFSI) and core sectors where the increase would be more than 25 per cent. These will be followed by sectors like auto, software and IT, BPO or ITES, which have shown an increase of over 10 per cent in the hiring sentiment.
This article was published on The Economic Times