The COVID-19 pandemic left a significant imprint on every industry, and everyone expects the Union Budget 2022 to get the economy back on track. While every industry has seen its ups and downs, the technology sector has shown incredible growth potential.
The technology industry has played a crucial role in India's digital empowerment, by boosting employment generation and livelihood opportunities for Indians. Prioritization of investing in cutting-edge technologies with skill development can be a game-changer and can help the Indian economy flourish even during challenging times.
Startups are the backbone of job creation, so they should be given lucrative incentives, friendly tax policies, timely tax credits and refunds, and uniform compliance standards. With lower government interference, a lower corporate tax rate, and a reduced 18 percent GST slab, the startup sector will leverage professional services for business growth and get back on track.
It seems likely that the upcoming Union Budget will propose bold policy measures that will facilitate the digital transformation of banks and the economy as a whole. In addition, the finance minister is expected to introduce measures to aid economic recovery, concentrating on creating demand, creating jobs, and increasing public healthcare and the Start-up sector, which is the backbone of the economy.
Skill development in the current scenario plays a critical tool in improving labour efficacy and quality, which leads to increased productivity and economic growth. According to survey data by the Government of India, it's been found that India is among the world's youngest nations, with more than 62 percent of the population in the working-age group (15-59 years). India will anticipate a 32 percent increase in the labour force in the coming years. However, current data reveals that barely 2 percent of India's overall workforce are skilled labourers. So it is expected that the Government will focus more on skill development, which will further boost employment in the country. We expect the government to handle the crisis strategically.
It is high time for the government to place a greater emphasis on the hiring industry as the key to long-term, and strong growth accompanied by solid employment will ensure that we are laying the groundwork for a period of double-digit growth.
With the announcement of National Startup Day(January 16), it is believed that dozens of new businesses would spring up to help solve the employment crisis.
Since India stands as the third-largest startup ecosystem globally, it has gained international attention. Hirect firmly believes that it will directly contribute towards the growth of the country's GDP and will encourage more entrepreneurial mindsets to forge ahead.
(The writer is Global Co-Founder & India CEO, Hirect-chat-based mobile-first direct hiring platform)
