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Budget 2021 | Focus on upskilling to prepare the workforce of future

The Budget should look to build a stronger foundation, prepare for tomorrow’s opportunities and grow beyond borders to make an impact in the long run.

January 31, 2021 / 09:20 AM IST
The results will be declared on basis of “pre-determined objective criteria”, as per a statement from the Government of Telangana. (Representative Image)

The results will be declared on basis of “pre-determined objective criteria”, as per a statement from the Government of Telangana. (Representative Image)

With the number of coronavirus infections falling sharply and India launching a mass vaccination drive on January 16, we finally may have an end date on the pandemic, even if it is a little far.

As India finds its way to recovery, a survey conducted by Deloitte says there is an underlying optimism in the industry, with 68 percent of leaders positive on economic revival. That said, the pandemic has triggered new norms that businesses and policymakers have to be ready for to make the best of the opportunities that arise. The government's policy measures and their effectiveness will be important in determining the strength of the revival.

To gauge the industry's reaction to the measures announced by the government since the pandemic and their expectations from the Budget, Deloitte reached out to 180 CXOs and CFOs through a survey. Based on their response, our budget recommendations are anchored around three themes: build a stronger foundation today, prepare for tomorrow’s opportunities, and grow beyond borders to make an impact in the long run.

Increased spending on infrastructure is probably the biggest expectation from the Budget. To its credit, the government had already set the ball rolling by announcing one of the largest and ambitious infrastructure projects even before the pandemic. What is needed is to ensure that the projects are executed rapidly, while reviving a few of the stalled ones, even as new ones are launched. This will require the government to quickly raise funds from the private sector and foreign sources.