In the upcoming 2023 Budget, the talent industry expects a range of measures beneficial to employees, hiring processes and employment development, addressing the challenge of the country’s skills gap.
India’s economy is on the road to recovery after the Covid-19 pandemic hit the country’s economic growth hard. Industry insiders hope the ensuing budget will provide a much-needed boost to HR departments that will help the industry get back on track.
According to Randstad India, a leading HR services provider, broader industries are looking to the HR sector to develop labor regulations, focus on formal job creation, industry status in the staffing industry, and the strength of youth skills initiatives. Strengthening.
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It said it would help if central and state governments set up helpdesks in the early stages of rolling out labor laws to facilitate implementation by industry.
“The 2023 union budget should aim to further strengthen opportunities for formal job creation in the country.
“The government has provided impetus towards job creation through initiatives such as the PLI scheme, Make in India and Atmanirbhar Bharat, but employment challenges remain. It is important to continue.” said Viswanath PS MD and CEO Randstad India.
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On the challenges of the country’s skills gap, he said, “There is an urgent need to fill this skills gap if we are to provide meaningful job opportunities for Indian youth. Mission, Desh Stack E-Portal, Digital University, etc. We need to invest more in upskilling.”
According to India Skills Report 2022 (produced by Wheebox in collaboration with AICTE and CII), only 48.7% of all young people in India are employable. This means that one out of every two young people in India cannot find a job.
Randstad India also sought an ‘Industry Status’ for the staffing industry.
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“It promotes employment and thereby plays an important role in economic growth and development. The staffing industry creates more job opportunities and reduces the time needed to find a job.” Viswanath said.
The HR industry is also looking forward to other measures such as a proposed schedule for issuing income tax refunds, a one-time GST amendment period in the first year of GST introduction, and centralized registration under GST for large service providers.
With PTI input
