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

New Delhi: 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.

About the author: 

Mayank Singhvi is the CEO of Cosmos Financial Group, spanning financial services, real estate, hospitality, and aviation, and Managing Partner at IMK Capital Partners