NEW DELHI: The Union Budget 2022 has received criticism as not much to tackle the employment crisis that the country is reeling under found mention in the Finance Minister Nirmala Sitharaman’s speech.
The FM said the Union government plans to create six million jobs over the next five years. Experts say the intent is positive, but implementation will be a challenge.
The minister while addressing the media post budget said all the infrastructure projects and the production linked incentives in the 14 sectors will generate a lot of jobs in the future. Guruprasad Srinivasan, Chief Operating Officer, Quess Corp, says a major challenge is the availability of the right talent for the activities proposed across the 7 engines.
“There is a pressing need for faster implementation of the Labour Codes, which would allow various employment models to come together and strengthen talent availability,” he adds. “We can expect almost 50% of the 60 lakh jobs the government is planning to come from these sectors by 2024-25,” says Indranil Ghosh, VP & Business Head, TeamLease Services. However, he adds, “While the intent is great, the biggest challenge will be the implementation.”
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Jaijit Bhattacharya, an economist, says, modern manufacturing has very low labour to capital intensity due to high automation. More jobs are created in supply chain, logistics, warehousing, exports, retail etc than in core manufacturing. Lohit Bhatia, President, Indian Staffing Federation says, the near-term benefit of 60 lakh jobs is possible with benefits under PLI scheme.