Budget proposals seen as medium-term play to increase employability and address skill gap
budget proposals to facilitate employment and skilling have boosted sentiment but are likely to translate into sizeable numbers only in the medium to long term, rather than triggering any major turnaround in the job market in the near future, said economists and hiring experts.
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Some sectors like manufacturing will be clear beneficiaries, but the budget is designed as more of a medium-term play, they said, adding that its focus is on capability-building and making people employable, which will lead to more jobs in the future.
“On the one hand, there is unemployment. On the other hand, there are employers struggling with labour shortages because they can’t get people with the right skills,” said Sachchidanand Shukla, group chief economist, Larsen & Toubro. “These policies are to create a pool of skilled people and also nudge employment – more a five-year agenda to enhance employability and address skill and labour shortages.”
Shukla said the proposals were a “very broad positive step” that’s good for the economy and would indirectly address the consumption demand. “But expectations that there will be an immediate payoff is not right,” he said.
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