“The interim budget 2024 is a tough balancing act carried out by the Government, reinforcing its steadfast strategy of inclusive growth, embodying the core principles of ‘Sabka Saath, Sabka Vikas’, its commitment towards the poor, farmers, youth, and women, while maintaining its vision of making India a Viksit Bharat by 2047. 

The emphasis on inclusion in education, income generation, and employment opportunities are great moves in the positive direction towards building a skilled talent pool that attracts global stakeholders to India. Moreover, the focus on building ‘Nari Shakti’ by the government is commendable and will truly reflect in India’s boardrooms in the forthcoming years.

While no direct announcements have been made in the context of job creation, the increased outlays in railways, focus on developing port infrastructure, and planned investments in the aviation sector are likely to boost employment. Moreover, the budget focuses on developing the country’s private sector R&D capabilities, and all these measures will bring sustainable economic growth and open the doors of employment generation in the country in the long term.

Additionally, the need for skilled professionals has grown significantly. Hence, the focus on further developing India’s educational infrastructure will make us future-ready in the context of talent supply, and hence more employment opportunities. Moreover, the announcements made to foster entrepreneurship and self-reliance, especially directed toward women will serve as a solid foundation for the youth to innovate and incubate indigenous businesses, ensuring that they are not merely perceived as job seekers but also as job creators.

While the budget announcements reflected a well-rounded approach toward strengthening the root of the country’s economy, we anticipate more clarity around extremely relevant avenues like the ever-expanding gig economy and specifics around employment generation challenges in the forthcoming budget.

All in all, the government’s initiatives and approach, as reflected in the interim budget set a strong foundation for the country to transition into a ‘developed economy’ over the next few decades and emerge as a premier talent and employment hub at a global level.”