Hike allocation for upskilling initiatives in Budget to create future-readyworkforce: Tata Tech

Hike allocation for upskilling initiatives in Budget to create future-readyworkforce: Tata Tech

Ahead of the Union Budget, Tata Technologies on Monday called for increased allocation toward upskilling initiatives aligned with Industry 4.0 to create a future-ready workforce.

In order to achieve India's ambitious goals outlined in the roadmap for a USD 5 trillion economy, the budget should prioritise innovation-driven policies, investments in emerging technologies, and the development of products in India, for India and the world, Tata Technologies CEO & MD Warren Harris said in a statement.

Key growth drivers such as smart manufacturing, AI, digital transformation, and software-defined vehicles (SDVs) require strong government backing through incentives for R&D, skill development, and infrastructure enhancement, he noted.

Outlining the company's expectations from the budget, Harris said,"We recommend increased allocation toward upskilling initiatives aligned with Industry 4.0, creating a future-ready workforce capable of excelling in advanced technologies like AI, IoT, and cybersecurity." India's focus on sustainability and green mobility can benefit from policies encouraging the adoption and manufacturing of electric vehicles (EVs) and clean energy solutions, he added.

Harris also stated that streamlined GST norms and enhanced PLI schemes for EV components, high-tech manufacturing, and software services would catalyse growth.

"The budget can also emphasise fostering global competitiveness by introducing fiscal incentives for exports of engineering and technology solutions, strengthening India's role as an innovation hub. Moreover, programs like Make-in-India and Engineer-in-India can attract significant foreign investment and foster self-reliance," he noted.

The technology and engineering sector is looking forward to measures that can propel India into its next phase of economic and industrial growth, Harris said.