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Budget 2021: Reactions on Hiring & Skill sector

Union Finance Minister Nirmala Sitharaman on Monday tabled the first paperless Union Budget for 2021-22 in the parliament.

Here are some reactions of experts from the hiring, and skilling industry:

Mr. T.Kalyan Chakravarthy, Executive Director, PanIIT Alumni Foundation:

“The budget strengthens the Skill India mandate of India being the human capital provider for the world including an avenue for livelihoods of the underserved – economically weaker sections, SC, ST. The Nursing bill is welcome and the current draft needs amendments for creating a credit continuum from ANM (Auxiliary Nursing & Midwifery) to all the way MSc nursing for upward mobility.

This is a forward-looking budget that is much needed for COVID resilience. While budgeting is important for ‘what is being funded’, It would further help if ‘the how’ (implementation) mechanisms are outlined and increasingly made outcomes-focused year on year. The central scheme based framework needs to be reimagined for making Atmanirbhar Bharat a reality.”

Sunil Dahiya, Executive Vice President, Wadhwani Opportunity, Wadhwani Foundation: 

“The proposed amendment of the Apprenticeship Act in the. The budget has the potential to reboot and revitalize our education and training systems with a view to further enhance apprenticeship opportunities for our youth. An apprenticeship could be the best model to skill India’s blue-collar workforce as it will transform the student into a fully-trained industry executive with real-time exposure to shop-floor dynamics. It will not just enhance employability and reduce joblessness, but from an employer perspective, it will lead to improved skills, productivity, and professionalism.”

Ms. Neha Bagaria, Founder, Jobsforher:

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“The government’s emphasis on creating an Atma Nirbhar Bharat is synonymous with ensuring that our women are also atmanirbhar, which can only come with their financial independence.  It is thus a welcome change that women will be allowed to work in all categories with adequate protection, a move which will open up further job opportunities for women, thus enabling higher financial security.

Additionally, we had highlighted the need to ensure that gig workers, a huge proportion of whom are women, need to be provided with adequate benefits.  It is thus heartening to see that Social Security benefits will now be extended to gig and platform workers for the first time.”

Mr. Nikhil Barshikar, Founder and Managing Director, Imarticus Learning:

“The Central Government has proposed the implementation of Data Analytics, Data Science, Artificial Intelligence and Machine Learning to upgrade the functioning of the Ministry of Corporate Affairs. Specifically, the Ministry’s database management systems will be overhauled, leading to increased efficiency in e-scrutiny, e-adjudication, e-consultation, and compliance management. To accomplish this, highly skilled Indian Data Scientists and Analysts will be required.

We have also been informed that a Trans-Asian partnership between India, Japan, and the UAE is in the pipeline, wherein Workforce Upskilling initiatives and Diploma & Skill Certification programs will be jointly supported by the 3 nations. Given that Imarticus Learning has already established a presence in the UAE this year, this development is of particular interest to us, and we will pay close attention as more information comes to light. Furthermore, INR 3,000 Crore has been allocated to upskilling and training Indian Engineering Graduates and Diploma recipients, in view of modernizing India’s domestic talent pool.”

Mr. Narayan Mahadevan, Founder, BridgeLabz:

“FM today in the budget speech was on the spot to recognize India will have the World’s largest working-age population by 2030 which needs to be skilled for the Job. And Internship/Apprenticeship is the best way to garner the required Job skills. I wish the Government had definitive plans to accomplish the same and even encourage such platforms that work towards skilling from the perspective of employability and create business models on successful employment.

It’s welcoming to see Startups get a tax holiday for one more year in Budget 2021. I wish the Government simplified the procedure to get Low TDS. Many startups do not make money and if the money is stuck with the Government as TDS, it creates that much more challenge for survival.”

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