Comments from PeopleStrong on budget announcements

Pankaj Bansal, Co-Founder and CEO, PeopleStrong HR Services Pvt. Ltd., a leading human resource (HR) outsourcing, recruitment process outsourcing (RPO), and HR technology company.

The government's nine pillars of budget are very interesting, especially the fourth pillar which talks about education, skill development and job creation.The government has hit the nail in the head by providing 8.33% employee provident fund (EPF) contribution towards new employees for three years and INR 1000 cr have been allocated towards it, This will not only promote employer to generate more jobs, but will also encourage employers to move towards professional employment. In India, approximately 85% workforce works in unorganized sector, this move from the government will hopefully reduce this number drastically.

It is amply clear that the government is serious about job creation as the Finance Minster, Mr. Arun Jaitley, announced the objective to skill one crore youth in the next three years . There is allocation of INR. 1,700 crore for 1500 multi-skill development centers across the country.

According to India Skill Report 2016 (released recently by PeopleStrong, Wheebox, and Linkedin in association with Confederation of Indian Industries (CII) and Association of Indian Universities (AIU)), which found out that tier two cities in India have a more employable population then urban cities, the announcement on skill development centers will be a great move in getting the youth employed. PeopleStrong along with CII, Wheebox and LinkedIn would soon make the first three centers live. It is a great pleasure to see that government is highly focused on skill development schemes.

Source : Equity Bulls

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