Budget 2015: A booming job market awaits India
Recruiters across the country have given thumbs up to the Union Budget 2015. The industry is hoping that the reforms announced in the budget 2015 will create new jobs in the country especially in sectors such as infrastructure and manufacturing besides the traditional IT sector.
“As far as job creation and hiring scenario is concerned, 2015 will be a much better year in comparison to 2014 given the increased stability in the political and economic environment of the country. The phenomenon of job creation will be led by the IT sector followed by the services industry and even the manufacturing sector is showing healthy signs,” said Hitesh Oberoi, managing director and CEO Info Edge (India) Ltd.
According to a report by job portal naukri.com, 62% recruiters and 89% consultants expect creation of new jobs in the first half of 2015 itself. While 56% of recruiters expect the new job creation to be in the IT sector while 28% of the recruiters expect more jobs to come up in BFSI space.
Sharing a similar sentiment, Joseph Devasia, managing director of recruitment firm Antal International Network, India, noted that the budget has laid higher emphasis on supporting IT start-ups this year. “Hence we see this to have a positive impact on the IT/BPO sector and this sector is likely to create new jobs. The setting up of AIIMS, IITs and IT hubs across several states will help address the huge demand for IT jobs in India. Similarly, Make in India is seen as a revolution that will boost the manufacturing, engineering as well as auto sector in India,” he suggested.
Devasia also expected the eCommerce to spearhead creation of new jobs. “Due to greater Internet access on smartphones consumer spending will boost new jobs in the B2C sector,” he added. Similarly, other sectors such as healthcare, defence and banking are also expected to benefit the most.
Interestingly, manufacturing sector that has been low on hiring activity is expected to witness some action. “The budget that was announced was certainly a positive and progressive one with most of the proposals having a ‘Make in India’ flavour. These proposals will definitely make India a manufacturing hub creating millions of employment opportunities in the coming years,” he stated.
In terms of the level, hiring at middle and senior levels will get a major boost. “Most jobs are expected to be created for people with 4-8 years of work experience followed by people with 1-3 years of work experience,” stated Oberoi.
On the skill development front, Devasia highlighted that the Centre has focus on skill development in this budget. “Moreover, increased emphasis on skill development and education will help prepare a number of youth for jobs, which will help curb the talent crunch issue that the country is currently facing,” he averred.
It should be noted that the government has also offered sops to SME businesses, which is expected to boost the job market. Budget allocation to start ups will encourage entrepreneurs in Tier 2 and 3 cities and create new jobs there.