News South Asia

Budget 2015 predicted to boost job market in India

 

 

The Budget for the year 2015 is just round the corner. While everyone has their own set of expectations from the budget, recruiters across sectors are expecting the Modi government to announce major reforms that will give hiring the required boost. They have formed their expectations considering Prime Minister Narendra Modi′s Make In India Campaign.

 

Pre-budget expectations: Sourcing the best to be made uncomplicated

Talking about sourcing the right talent for an organization, Siddharth Reddy, Managing Director of BI Worldwide, a HR management firm, noted that companies in India are now focusing on adopting a transparent and digital mindset. "Gearing up for the talent war is now a priority and organizations are getting better prepared to add dependent employees who will set the agenda for the companies rather than vice versa. Companies are seeing value in an engaged team, the best way to stand out from their competitors."

Reddy said that the industry expected the government to focus on skill and talent development. "The concerned Ministry is also working diligently to conceptualize and implement necessary measures to meet the rising demand for skilled workforce across sectors," he added. Employers also hope that the government will increase the non-taxable gift limit from the existing Rs 5,000 per annum to Rs 10,000 per annum.

 

Automobile, Aviation, Construction & IT Likely To Be Benefited

The upcoming budget is expected to rake up the hiring scenario in the country. However, the sectors that will be immensely benefitted are the ones that come under the ′Make in India′ programme.

Automobile, automobile components, aviation, construction, food processing, mining, oil and gas, IT and BPO, biotechnology, defence manufacturing, chemical and pharmaceutical among other sectors are expected to be benefitted immensely. The government has a sharp focus on developing these sectors under the campaign and hence is expected to announce reforms and new policies to boost investments in these sector, which in turn will boost existing and new projects, hence pushing up the hiring activity. The government has reaffirmed its plans to develop infrastructure sector and has also pitched it amongst foreign investors.

 

Hiring Activity To Go Up In Four Regions

In the fiscal year 2015, recruitment across sectors have been gradually picking up pace; however, it did not measure up to the expectations of the human resource industry. 

"Indian employers report dynamic hiring prospects for the quarter ending March 2015. Nearly 44% of employers anticipate an increase in the staffing levels while on an average, the net employment outlook seems to have increased by 41%," A G Rao, managing director of ManpowerGroup India. He added that region-wise, the industry is expecting the hiring activity to go up in the four regions. "Employers in all four regions expect to grow staffing levels during the coming quarter. The strongest hiring intentions are reported in the South and the West, where net employment outlooks stand at 46% and 45%, respectively. Employers in the North also report bullish hiring intentions with an outlook of 42%, while the outlook for the East stands at 31%," noted Rao.