{"id":10103,"date":"2024-08-05T04:34:57","date_gmt":"2024-08-05T04:34:57","guid":{"rendered":"https:\/\/www.gigroupholding.com\/india\/the-future-of-work-exploring-trends-in-hr-industry-for-2024-2\/"},"modified":"2024-08-05T11:08:03","modified_gmt":"2024-08-05T11:08:03","slug":"can-budget-2024-fuel-indias-growth-engines","status":"publish","type":"post","link":"https:\/\/www.gigroupholding.com\/india\/can-budget-2024-fuel-indias-growth-engines\/","title":{"rendered":"Can Budget 2024 Fuel India&#8217;s Growth Engines?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10103\" class=\"elementor elementor-10103\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-996e1b5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"996e1b5\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fda6e0b\" data-id=\"fda6e0b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-779a022 elementor-widget elementor-widget-heading\" data-id=\"779a022\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">News -  People Matters<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f10824f elementor-widget elementor-widget-spacer\" data-id=\"f10824f\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5d540a elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"d5d540a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-small\"><p align=\"center\" style=\"text-align:center\">Can Budget 2024 Fuel India's Growth Engines?<\/p><\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c173ab elementor-widget elementor-widget-spacer\" data-id=\"7c173ab\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b959a4 max-width-940 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"8b959a4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\"><p style=\"text-align:justify\">The  Union Budget 2024 has been recognised for its strategic focus on women, youth and job creation, crucial for equipping the future workforce with the skills needed to thrive. Programmes for employment, internships, and skills development could be a game-changer in tackling the challenge of job creation for the nation's massive youth population. <\/p><\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3c9c2d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3c9c2d6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8175157\" data-id=\"8175157\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5f068e5 elementor-widget elementor-widget-image\" data-id=\"5f068e5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"510\" src=\"https:\/\/www.gigroupholding.com\/india\/wp-content\/uploads\/sites\/12\/2023\/12\/Budget-2024-Income-Tax-Slabs-for-FY-2024-25-768x510.jpg\" class=\"attachment-medium_large size-medium_large wp-image-10108\" alt=\"\" srcset=\"https:\/\/www.gigroupholding.com\/india\/wp-content\/uploads\/sites\/12\/2023\/12\/Budget-2024-Income-Tax-Slabs-for-FY-2024-25-768x510.jpg 768w, https:\/\/www.gigroupholding.com\/india\/wp-content\/uploads\/sites\/12\/2023\/12\/Budget-2024-Income-Tax-Slabs-for-FY-2024-25-300x199.jpg 300w, https:\/\/www.gigroupholding.com\/india\/wp-content\/uploads\/sites\/12\/2023\/12\/Budget-2024-Income-Tax-Slabs-for-FY-2024-25.jpg 1000w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-932d7a7 elementor-widget elementor-widget-text-editor\" data-id=\"932d7a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">The budget acknowledges the critical role of small and medium-sized enterprises (SMEs), the backbone of India&#8217;s economy. Easier access to credit for SMEs, which contribute over 29% to GDP, is expected to fuel further job creation nationwide.&nbsp;<\/span><\/strong><br><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">However,&nbsp;<a href=\"https:\/\/www.peoplematters.in\/article\/skilling\/indias-5-tn-dream-can-budget-2024-deliver-growth-and-jobs-42105\"><span style=\"color: black\">it is essential to monitor<\/span><\/a>&nbsp;how these initiatives might impact the informal sector, which has faced significant challenges in recent years due to demonetisation and pandemic lockdowns.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Industry leaders offer&nbsp;<a href=\"https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=2035609\"><span style=\"color: black\">mixed reactions<\/span><\/a>. Arundhati Bhattacharya, Chairperson &amp; CEO of Salesforce India, sees promise in the budget, highlighting its focus on &#8220;women, youth and job creation, along with skilling and women&#8217;s workforce participation&#8221; as a potential driver of future economic growth.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Puneet Chandok, President of Microsoft India and South Asia, lauds the Union Budget 2024 and Economic Survey for prioritising technological innovation and digitisation to establish India as an &#8220;AI-first nation.&#8221;<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Prabhakar Azad of Ashwin Sheth Group and Srinivasa Addepalli of GlobalGyan Leadership Academy praised the investment in human capital. Azad highlighted the focus on skill development, while Addepalli welcomed corporate internships for bridging academia and industry. Sekhar Garisa, CEO of foundit, remarked, &#8220;We are encouraged by the strong emphasis on productivity and job creation.&#8221;<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Somdutta Singh, Founder &amp; CEO of Assiduus, sees the budget as a catalyst for MSME-driven growth. Pallavi Jha, Chairperson &amp; MD of Dale Carnegie India, fears the <\/span><span style=\"font-size: 12.0pt;font-family: 'Arial',sans-serif;color: black\">\u20b9<\/span><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">1.48 lakh crore may fall short of addressing regional disparities and job market needs.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Sachin Alug, CEO of NLB Services, sees the focus on youth, women, MSMEs, and tourism as beneficial for long-term economic stability, echoing Singh&#8217;s view on entrepreneurial growth. Arun Balasubramanian, VP &amp; MD at UiPath, highlights skill development and employment-linked incentives as key to addressing workforce skill gaps.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Hardika Shah, Founder &amp; CEO of Kinara Capital, commends the budget\u2019s advances in women\u2019s economic empowerment, particularly the abolition of the Angel Tax, which could enhance investment in women-led startups.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 16.0pt;font-family: 'Lato Light',sans-serif;color: black\">Bridging the skills chasm<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">The government is investing <\/span><span style=\"font-size: 12.0pt;font-family: 'Arial',sans-serif;color: black\">\u20b9<\/span><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">2 lakh crore over five years to bridge the skills gap. Shantanu Rooj, CEO of TeamLease Edtech, highlights the budget&#8217;s three-pronged approach: wage subsidies, onboarding support, and linking new hires to the EPFO system.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Sonal Arora, Country Manager at GI Group Holding, describes the nationwide internship programme as pivotal: &#8220;It will equip individuals with practical skills, boost economic growth, and create a strong talent pipeline for future hiring needs.&#8221;<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Rooj highlights that \u201cupgrading 1000 ITIs will help students secure their first jobs faster.\u201d However, he advocates for broader implementation: \u201cThis initiative should extend to all ITIs across the country, not just the selected 1000, as it requires no significant additional investment.\u201d<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 16.0pt;font-family: 'Lato Light',sans-serif;color: black\">MSMEs and startups<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">The Credit Guarantee Scheme, offering collateral-free guarantees of up to <\/span><span style=\"font-size: 12.0pt;font-family: 'Arial',sans-serif;color: black\">\u20b9<\/span><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">100 crore, is praised for easing growth for manufacturing sector MSMEs. Karthik Kondepudi,<\/span><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">&nbsp;<\/span><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\"> Partner at Herbochem states it will &#8220;significantly ease growth for MSMEs.&#8221;<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">The budget&#8217;s proposal to assess MSME creditworthiness through digital footprints could broaden credit access for many businesses.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">For startups, the abolition of the Angel Tax is a significant boost. V Ramankumar, Founder &amp; Chairman CASHe, describes it as &#8220;a crucial relief that will attract investments and drive innovation.&#8221;<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">The Internet and Mobile Association of India (IAMAI) also welcomed the change, noting, &#8220;The abolition of the Angel Tax has been a longstanding demand and will undoubtedly enhance investments and innovation in India\u2019s startups.&#8221;<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 16.0pt;font-family: 'Lato Light',sans-serif;color: black\">The road ahead<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">The Union Budget 2024 has sparked a mix of optimism and caution. While initiatives like skilling programmes, internship opportunities, and MSME support hold promise for fueling India&#8217;s growth engines, challenges remain.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Industry leaders have pointed out areas for improvement. Expanding the reach of programmes like wage subsidies to encompass beyond the top 500 companies could significantly improve their impact.&nbsp; Addressing long-standing structural issues like factor productivity and land reforms is crucial, as Dr. Rumki Majumdar, Economist, Deloitte India rightly emphasises.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">Ultimately, success will hinge on its implementation. Ensuring effective rollout and monitoring progress will be essential. As Smita Shetty Kapoor, CEO and co-founder of Kelp highlights, developing a truly skilled and industry-ready workforce requires sustained commitment.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"line-height: normal;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"font-size: 12.0pt;font-family: 'Lato Light',sans-serif;color: black\">The coming years will be a test. The true impact of these measures on job creation, economic growth, and India&#8217;s global standing will become clearer. While challenges exist, Budget 2024&#8217;s focus on human capital and entrepreneurship offers a roadmap for potential future growth.<\/span><\/strong><\/p>\n<p class=\"MsoNormal\"><strong><span style=\"font-family: 'Lato Light',sans-serif\">&nbsp;<\/span><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da3a252 elementor-widget elementor-widget-text-editor\" data-id=\"da3a252\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><strong>About Gi Group Holding<\/strong><\/h3><p>Headquartered in Milan, and with over 6000 employees, Gi Group Holding is active in more than 100 countries<span data-ccp-parastyle=\"[Paragrafo base]\">, thanks to its direct presence and strategic partnerships<\/span><span data-ccp-parastyle=\"[Paragrafo base]\">. Through its key brands, the company provides a full and comprehensive suite of <\/span><span data-ccp-parastyle=\"[Paragrafo base]\">recruitment and <\/span><span data-ccp-parastyle=\"[Paragrafo base]\">HR <\/span><span data-ccp-parastyle=\"[Paragrafo base]\">solutions to more than 20,000 companies worldwide, generating revenues of \u20ac3.<\/span><span data-ccp-parastyle=\"[Paragrafo base]\">2<\/span><span data-ccp-parastyle=\"[Paragrafo base]\"> billion*,<\/span><span data-contrast=\"none\">\u00a0and making it both the 5th largest recruitment and HR Services company in Europe, and the 16th largest worldwide.<\/span><span data-ccp-props=\"{\">\u00a0<\/span><\/p><p><span data-ccp-parastyle=\"[Paragrafo base]\">Gi Group Holding is uniquely committed to the creation of social and economic value for both employers and candidates alike. Called \u201cMore than Work\u201d, the Group\u2019s aims are two-fold: firstly, to ensure that employees experience enjoyable and life-changing work environments; and secondly, to enable a sustainable, streamlined, and harmonious labour market for employers and employees alike\u2014one that reflects the ever-changing needs of candidates and companies. <\/span><span data-ccp-charstyle=\"Hyperlink\">gigroupholding.com<\/span><span data-contrast=\"none\">.\u00a0<\/span><span data-ccp-props=\"{\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-97d2f4c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"97d2f4c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a25e3d5\" data-id=\"a25e3d5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-226ee02 elementor-widget elementor-widget-spacer\" data-id=\"226ee02\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Gi Group, one of the world\u2019s largest HR solutions and staffing companies, is celebrating after being crowned \u201cRecruitment Team of the Year\u201d at the prestigious REC Awards 2022.<\/p>\n","protected":false},"author":65,"featured_media":7796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-10103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can Budget 2024 Fuel India&#039;s Growth Engines? - Gi Group Holding India<\/title>\n<meta name=\"description\" content=\"The budget acknowledges the critical role of small and medium-sized enterprises (SMEs), the backbone of India\u2019s economy. 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