Will Budget 2015 promise ‘Achche Din’ for HR industry?

Ahead of the Union Budget 2015, there is a strong sense of optimism in the job market and the economy seems to be on the upswing. The human resource (HR) industry believes that 2015 is the year when the Modi government will introduce new reforms to give a boost to the Indian economy. We got in touch with Pruthvi Nanjappa, VP – Human Resources, Ness Software Engineering Services (SES), to get an insight into what HR industry expects from the budget this year and here is what he shared.

On Job market I expect the budget to boost the job sector and hiring to pick up significantly across sectors and industries. India’s GDP growth is projected to rise to 6.5% in 2015-16, and this will imply good news for job seekers at all levels, especially freshers. The HR industry has a lot of expectation from the Modi government and I feel the initiatives and reforms that will be announced should positively impact jobs.

On Startups During the last budget, the government laid emphasis on startups, which is really a shot in the arm for entrepreneurs, job seekers, as well as cities like Bangalore, which provides a sound startup ecosystem.

I expect more focus on startups, as well as on sectors like IT/ITeS that employ millions. I think we also need more clarity on issues like taxation and incentives to ease the process of doing business. Moreover, I feel there should be tax rebates given for investing in skills training, since upgradation of skills is a necessity for industries that are constantly on the lookout for talent to fuel growth.

Remediating steps needed To boost the job sector, I think the government should introduce life and medical cover for all salaried employees who are also tax payers. A graded approach should be announced, whereby those paying more tax should be entitled to higher coverage. Moreover, insurance for salaried employees (who are also taxpayers) should be an introduced as this may help cover unplanned termination of jobs. Measures like these will also help in drastically reducing anxiety and stress amongst our workforce.
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