The stock market and many economists have described Nirmala Sitharaman's budget as encouraging in the era of the Covid epidemic.
The government has opened its fund for all major sectors of the economy and has emphasized on increasing investment. Providing job opportunities for the Narendra Modi government has emerged as the biggest challenge.
According to the Center for Monitoring Indian Economy (CMIE), the unemployment rate in the country was nine percent in December.
Due to the lockdown caused by the Corona infection, the salaries of millions of people have been cut, jobs have gone. The government has not officially given any data about how many people have lost their jobs during this period.
However, with the current budget, many experts are assuming that the opportunities for jobs in the country are increasing. According to this, money has been arranged for all the areas in the budget, if implemented properly, then the results will be as expected.
Many provisions
Sugata Bhattacharya, chief economist at Axis Bank, told the BBC, "In this budget, several provisions have been made for the creation of jobs. Scope has been extended for Productive Linked Incentives to increase domestic production in 13 sectors. Also, the global supply chain Has been integrated. Besides, steps have been taken to increase investment in sectors like textiles, fisheries. "
According to Bhattacharya, "The provisions raised to provide houses at affordable rates will increase employment in the construction sector. In addition to this, there can be a lot of jobs in logistics. But to increase private investment and create jobs, It will be important to implement the provisions effectively. "
Kavita Chacko, senior economist at CARE Ratings, said, "The most important thing is to complete these projects effectively on time. From the land acquisition to the tender process, management of finance, and clearance from everywhere, amidst the uncertainty of the Corona epidemic, All of this can block. "
Dr. Ashutosh Raghuvanshi, Managing Director and CEO of Fortis Healthcare believes that there will be better opportunities available for professionals in the health sector as well.
He said, "The announcement of the formation of the Commission for Allied Healthcare Professionals will improve the quality of health care professionals across the country. Human resources are expected to increase in our industry."
According to Lohit Bhatia, President of the Indian Staffing Federation, the policies announced in the budget will increase jobs in the economy.
Social security to workers
It has been said that the implementation of four labor codes in the budget. This will benefit social security provision to the people working in firms like Uber, Swiggy, Dunjo.
Apart from this, minimum wages will also be fixed for full-time employees. The government is working towards providing adequate information about the workers working in all the unorganized sectors, including the construction sector, and providing them the benefits of government schemes related to health, housing, skills, insurance, and nutrition.
One country and one ration card will also help. Lohit Bhatia said, "Provisions like organized sector employees have been announced to provide social security to the workers in the unorganized sector. This will improve their working facilities."
Rituparna Chakraborty, co-founder and executive vice-president of TeamLease Services, said, "Women are the biggest beneficiaries of this year's budget. Women have been allowed to work in night shifts with all categories and adequate security." This will increase opportunities for women. Increasing investment in efficiency, training, and higher education will improve our human capital index and productivity. "
However, Rituparna Chakraborty says that the government has not done anything special for working professionals on a personal level.
He told, "To justify the mission of minimum government, maximum governance, the government needed to improve its business conditions. To start any business venture, it would require registration from 27 or more places. It is, instead of this, the government could have given a roadmap for starting a unique enterprise number. Besides, working professionals should provide an option to the government regarding their PF contribution. "
According to Sujan Hazra, Chief Economist of Anand Rathi Securities, the government will face a challenge in meeting the disinvestment target.
He told, "If they do not overcome this challenge, then the chase will not be lost and even jobs will not be created from the unfortunate ventures.
However, it is not easy to overcome this challenge because the employees working in these ventures will oppose disinvestment and the market situation is also not very good. "
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