The Union Budget 2018 focused on agriculture, women employees, infrastructure and building a better healthcare space. All of this is pegged to eventually create a lot of jobs in the long run. TimesJobs presents you the expert’s reactions from the recruitment space .
The union budget of 2018 is high on promises for too many people in rural and farming sector. Speaking of the government claiming to have created 70 lakhs job opportunities over the past few years, Subramanyam, CEO of AscentHR said, “formalisation jobs from unorganised sector to organised sector should not be treated as job creation. Even in this budget, there appears no clear direction on expenditure for creating jobs and this might stay as a declaration only.’
However, commenting on the reduction of Women’s EPF contribution to 8% in the first three years, he said ‘there’s no reason to cheer this because women employees are not lacking net pay as the only driver for their first three years in employment. They hardly get married given the current trends during that period. On the contrary, PF is a great investment given its current return on investment as good small savings which should be encouraged and not dissuaded.
The government has decided to increase loans by 37% for the women self-help groups speaking of which Subramanyam said ’empowering women is a great idea but we should recognize the largest part of Self-Help Groups has always been women-centric groups and not men-centric.’
“We feel it is a very positive budget. The kind of push Government has given to ‘formal employment’ and healthcare initiatives has been long overdue. Initiatives pushing Infrastructure development, healthcare facilities, corporate TAX reduction will create a positive push for formal employment creation. Also delighted to see Government’s push for digital with the adoption of AI and Block Chain “, says Pankaj Bansal, Founder, PeopleStrong.
Paul Dupuis, MD & CEO Randstad India, said, “Budget 2018 is a holistic one with the Government selecting a combination of benefits, targeted spending and fiscal prudence to put the Indian economy on an accelerated growth trajectory. The lion’s share of the attention has gone towards revitalising the stressed rural sector – be it the allocation of Rs 1,400 Crore towards developing 42 state of the art food parks or the stated intent of spending Rs 1.4 trillion on developing rural infrastructure, the Government has left no stone unturned to ensure a representative participation of the Indian hinterland in the country’s economic progress.