Mayank Singhvi, CEO, Cosmos Financial Group’s quote on Union Budget 2024-2025

Mumbai (Maharashtra) [India] July 23 : Post the General elections which resulted in a fractured mandate after a decade the union budget 2024-25 is keenly awaited. Boosting economic and job growth in India is a primary concern requires a comprehensive approach that spans various sectors and addresses both supply and demand factors.

Here are some key strategies for the same :

  1. Skill Development and Education:
    – Vocational Training:  Expand vocational training programs to equip workers with skills that match industry needs.
    – Educational Reforms: Align educational curricula with market demands, emphasizing STEM (Science, Technology, Engineering, and Mathematics) and soft skills.
 
 2. Promoting Small and Medium Enterprises (SMEs):
    – Access to Finance: Provide easier access to credit and financial services for SMEs.
    – Support Services: Offer business development services, mentoring, and support for startups and small businesses.
 
 3. Infrastructure Development:
    – Construction Projects: Invest in large-scale infrastructure projects, which create numerous jobs in construction and related industries.
    – Rural Infrastructures:  Develop rural infrastructure to create jobs and reduce migration to urban areas.
 
 4. Industrial Growth:
    – Manufacturing Sector: Promote Make in India and other initiatives to boost manufacturing, which has high employment potential.
    – Special Economic Zones (SEZs): Develop SEZs and industrial corridors to attract investments and create job opportunities.
 
 5. Agricultural Reforms:
    – Agri-Business: Encourage value addition in agriculture through food processing and agro-based industries.
    – Modern Farming Techniques: Promote modern farming techniques to increase productivity and create employment in rural areas.
 
 6. Digital Economy:
    – IT and ITES: Strengthen the Information Technology (IT) and Information Technology Enabled Services (ITES) sectors.
    – Digital Skills Training: Provide digital literacy and advanced digital skills training to workers.
 
 7. Tourism and Hospitality:
    – Tourism Infrastructure: Develop tourist destinations and improve infrastructure to attract more visitors and create jobs.
    – Promotion Campaigns: Run campaigns to promote India as a tourist destination.
 
 8. Labour Market Reforms:
    – Flexible Labor Laws: Reform labor laws to make it easier for businesses to hire and retain employees.
    – Worker Protection: Ensure adequate worker protection and benefits to create a secure working environment.
 
 9. Encouraging Innovation and Startups:
    – Startup Ecosystem: Foster a startup ecosystem with incubation centers, funding support, and innovation hubs.
    – Research and Development: Invest in R&D to create new industries and job opportunities.
 
 10. Government Policies and Incentives:
     – Incentives for Job Creation: Provide tax breaks and incentives for companies that create a certain number of jobs.
     – Public-Private Partnerships (PPPs): Encourage PPPs in various sectors to boost job creation.
 
 By addressing these areas, India can create a conducive environment for job growth and economic development.