Satisfactory but no big announcements say working professionals
60% surveyed professionals were satisfied with Budget 2017, giving it a thumbs up in skill development initiatives but rated it as a disappointment in job creation, reveals the TimesJobs TJinsite survey of over 1,100 respondents
February 21, 2017: On February 1, 2017 the Government of India presented a balanced, inclusive Union Budget for 2017-18. TimesJobs undertook a TJinsite survey to ascertain the views of working professionals on the Budget’s impact.
Though the Budget tried to address the challenge of jobs, many working people think that it could have done more, considering that the thrust of the Budget was on economic growth and jobs.
Job creation – a missed opportunity
Among other findings, TJinsite reveals that nearly 55 per cent working professionals think that the Budget 2017 announcements were not pro job-creation. Of these 55 per cent, 65 per cent respondents feel that the Budget may eventually impact job-creation, but 35 per cent feel that there will be absolutely no effect on job-creation, whatsoever.
“One of the key concerns in the past has been job creation and the budget doesn’t seem to have anything significant which addresses this aspect,” says Aditya Narayan Mishra, CEO, CIEL HR Services.
There were some direct announcements on job-creation, such as, employment opportunities for youth in tourism, footwear, leather and textile industries. However, most other job-creation measures appear as ensuing impacts of the reforms and policy announcements, such as the impetus on infrastructure.
“While it is encouraging to note that the Finance Minister has given a major push to the Skill India initiative, however, job-creation remains a big challenge. Most jobs that are being created are at a ten-fifteen thousand rupees, retail or a call center level. But job opportunities remain scarce for highly skilled young engineers and technology professionals entering the workforce each year. We need to be able to offer them opportunities commensurate with their skills, for India to become a true knowledge economy," says Nilanjan Roy, Head of Strategy, Times Business Solutions
Skill India ג€“ creating employability in the long-term
Most professionals feel that the focus on education and skill development will help resolve the problem of unemployment, although, results will be gradual.
Working professionals outlined some specific announcements that they feel will eventually result in job creation. Here is their report card of the Budget:
- Nearly 80 per cent surveyed professionals feel that opening up of 100 international skill centers to help people get jobs abroad will encourage employment in the long-term.
- Another announcement which will have a bearing on job creation and employment is the special scheme for creating employment in leather/footwear sector, say 75 per cent professionals.
- About 70 per cent respondents says that focus of government in making India a global hub for electronics manufacture will also help create more jobs.
- Nearly 60 per cent feel announcements on personal tax (income tax rate cut to 5% for individuals having income between Rs 2.5 lakh to Rs 5 lakh) will also aid employment numbers, sooner or later.
They also believe that relaxation in income tax will help boost consumer buying power. With more money at hand to spend and invest, consumer-driven product and services industries are thought to be the biggest beneficiaries. This will further result in an increase in employment by at least to 5-10 per cent -ֲ mainly in these sectors.
Overall, the final verdict of working professionals on Budget’s impact on job creation affirms that most policies will have a steady long-term influence on jobs, however, none of the measures appear to be giving instantaneous results.
The complete TimesJobs TJinsite Study can be downloaded for free here – http://bit.ly/2lKjb4p
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