Union Budget 2014 -15
Reaction from Mr. Moorthy K Uppaluri, CEO, Randstad India
Broadly the budget presented seems to be in
the right direction, with intent on economic growth through containing the
fiscal deficit and inflation. The focus has been on investments in key fundamental
areas to revive the economy and spur job growth with a priority on execution
and implementation of the schemes and projects.
However, we feel that
4 keys areas have emerged as growth levers to put the economy back on track and
achieve a annual growth of 7% to 8% over the next couple of years. These areas
are the opening up of FDI in a few sectors like Insurance and Defence,
prioritizing the Infrastructure, Construction and Agriculture sectors for
growth, focus on skill development and intent to create a predictable tax
regime.
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Moorthy K
Uppaluri,Randstad_India
|
We expect medium to
long term job creation in the Insurance sectors and long term job creation in
the infrastructure and manufacturing sectors due to the raise in the cap of
FDI. Fundamental sectors like Manufacturing, Infrastructure and
Agriculture have been given a boost, to
have a multiplier effect on economic growth and job creation. Also, we expect
the MSME sector to witness momentum on the back of the 10000 crore venture
capital fund that has the potential to be a key job creator in the long term.
The Skill Development
Academy is also a positive step towards tacking the problem of skill gap in
India. This will ensure access to proper training facilities so that the youth
is industry-ready and aware of their career opportunities.
The job creation and
skill development will help the large percentage of the unorganized workforce
move to the organized sector. The government has done well in building
confidence with global investors and businesses through their intent to be
business friendly and provide a stable tax regime.
Although the impact
of the initiatives and schemes would be felt over a period of time, we have to
wait and watch for the intent to translate into execution.
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