Industry players are hoping that the budget will give a boost to the HR sector. (agent)
New Delhi:
The HR industry expects various measures from the upcoming Budget 2023, which will be beneficial for the workforce, employment process, job growth and address the challenge of skill-gap in the country.
The Indian economy is on the path of recovery after the COVID-19 pandemic significantly impacted the country’s economic growth. Industry players are hoping that the upcoming budget will give the much-needed boost to the HR sector which will help bring the industry back on track.
According to leading HR services provider Randstad India, the roll out of labor codes for the wider industry HR sector, focus on formal job creation, industry positioning for the staffing industry and skilling initiatives for youth are on the cards.
It added that it would help if the central and state governments set up help desks at the initial stages of implementing labor codes to ease implementation by the industry.
“The Union Budget 2023 should aim to further increase opportunities for formal employment generation in the country”.
“Though the government is providing incentives towards employment generation through initiatives like PLI scheme, Make in India, Atmanirbhar Bharat, etc., the challenge of employment remains. It is important that we create new employment opportunities in all sectors. Keep up the pace of creation.” Vishwanath PS MD & CEO Randstad India said.
On the challenge of skill-gap in the country, he said, “There is an urgent need to bridge this skill gap if we need to provide meaningful work opportunities to the youth of India. The government has already taken steps on this front through Skill India. has announced several initiatives. mission, country stack e-portal, digital university, etc. We need to invest more in skilling.” According to the India Skills Report 2022 (done by Wheebox in partnership with AICTE and CII), of the total youth in India, only Only 48.7 percent are employable.This means that almost 1 in 2 Indian youth is not employable.
Randstad India also sought “Industry Status” for the staffing industry.
Vishwanath said, “It plays an important role in promoting jobs and thereby economic growth and development. The staffing industry enables the creation of more job opportunities and reduces the time taken to find a job.”
The HR industry is also looking forward to measures – a proposal for a timeline for issuing income tax refunds, a one-time GST reform window for the initial years of GST implementation and centralized registration under GST for large service providers among others.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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