Human Resource Industry Expects to Roll Out of Labor Codes, Plans to Focus on Formal Job Creation in this Year’s Budget

The Human Resource Industry anticipates numerous measures from the rolled measures from the upcoming Budget 2023. They foresee a number of benefits for employees, job development, the employment process, and plans to address the ongoing skill-gap challenge in the country.

The Indian Economy is on the path of recovery after the COVID-19 pandemic significantly impacted the country’s economic growth. The industry players hope to ensure that the budget will provide a much-needed boost to the Human Resource Sector, helping the crucial industry get back on track.

As per the leading HR services provider, Randstad India, this broad industry urges the HR sector to roll out some labor codes, focus on the formal job creation, change industry status for the staffing industry, and the ever-enhancing skilling initiatives for the youth of the nation.

Setting up help desks for the central and state governments right during the initial phases of rolling out the labor codes assists with the implementation by the industry. Instead, it would help if the union budget for 2023 aims to enhance the nation’s formal job creation opportunities.

“Though the government has been providing impetus towards some job creation through initiatives like the PLI scheme, Make in India, Atmanirbhar Bharat, etc, the employment challenge remains. It is crucial that we continue the momentum for creating newer job opportunities across different sectors.”

-Viswanath PS MD & CEO, Randstad India. 

He said that one skill-gap challenge in the country is “there is an urgent need to bridge this skilling gap if we need to provide meaningful work opportunities to the country’s youth. The government has already announced several initiatives on the front through the Skill India mission, Desh Stack E-portal, Digital University, etc, showing there is still a need for further investment in skilling.”

Only 48.7 per cent of the total youth in the country has employment. This means that 1 out of every 2 Indian youths is not employable. 

-India Skills 2022, done by Weebox in partnership with AICTE and CII. 

Randstad India is also known for “Industry Status” for the staffing industry.

It is crucial to know that it plays a pivotal role in fostering job creation and, therefore, economic development and growth. The staffing industry helps in the creation of more and more work opportunities. It thus reduces the time needed for searching for jobs. 

-Vishwanath. 

It may come as a surprise, but the HR industry is anticipating measures like issuing a timeline for the proposal of an Income Tax Refund, a one-time GST correction window for the beginning years of the GST implementation, and a centralized registration under Goods and Service Tax for large service providers among others.

Source- News Drum