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Union Budget 2021 to create job opportunities for white-collar workforce: Experts

While the Budget announcements are aimed at spurring job creation for blue-collar workers, human resource (HR) experts are of the opinion that the proposed schemes and outlays also carry ample potential of creating white-collar jobs.

February 03, 2021 / 09:58 PM IST
In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman announced various measures to spur job creation in the country.

In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman announced various measures to spur job creation in the country.


Job creation appeared to be a recurring theme in the Union Budget 2021-22, presented by Finance Minister Nirmala Sitharaman in Parliament on February 1.

Sitharaman, in her Budget speech, announced a slew of measures, including the creation of seven textile parks, a seaweed park in Tamil Nadu and Rs 18,000-crore scheme for increased transport in urban areas, among others, aimed at spurring the job creation in the country.

She also announced an increased capital expenditure of Rs 1.97 lakh crore for five years through the National Infrastructure Pipeline.

While the announcements are aimed at spurring job creation for blue-collar workers, human resource (HR) experts are of the opinion that the proposed schemes and outlays also carry ample potential of creating white-collar jobs.

“The Union Budget 2021-22 indicates immediate opportunity creation for the grassroot levels, however from a long-term perspective, these measures would also potentially provide a boost for the 150 million strong white-collar workforce, buoyant on the rise of their blue-collar counterparts," said Ishita Bandyopadhyay, Managing Director, Aon’s Assessment Solutions, South East Asia and India.

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"The employability of the graduate workforce in the country will emerge through MNC investments of international brands in India, who will bring in advance material technology and new-age design models. Allocation of Rs 1.97 lakh crore for PLI schemes will invite foreign companies to set up manufacturing units in the country and will also encourage the local companies to expand their production. This may channelise into setting up of electronic chips manufacturing units in India and will open new job avenues, like Circuit Designing," she added.

"Overall, while there is not a lot of direct investment support for bulk white-collar job generating sectors like IT, there is likely to be upward swing buoyed by infra investment and banking reforms, startups initiatives/tax reform measures," she concluded.

Deval Singh, Business Head, Mobilisation (Hiring), TeamLease Services said: "Every organisation is created in a pyramid structure. At the bottom of the pyramid is the blue-collar workforce. However, the blue-collar workforce cannot  sustain without the white-collar which is at the top of the pyramid."

"For example, in a manufacturing setup, the ratio works out as 100:3, that is to say, for every 100 blue-collar workers hired, three white-collar jobs are created,” noted Singh.

Nicolas Dumoulin, Managing Director, Michael Page India, said: "We saw a healthy uptick in hiring activities during the last quarter. In fact, according to our recent Talent Trends Report 2021, hiring activities have resumed to about 85 percent of pre-COVID times, which translates into the fact that domestic companies have re-gained confidence in the Indian economy."

"Post the Budget announcement, we are expecting more action coming in from the international companies. Further increase in job opportunities will come through these international companies which could be a result of them directly investing or through their specific companies already present in India. With increased allocation towards R&D, financial institutions and healthcare, which are primarily in the white-collar segment, hiring in these sectors will be high on the agenda," he added.

This is a Budget which is rightly focused on the sectors which can offer opportunities, in sync with the trend, as well as ensures that investments continue to come in. Budget 2021 promises to provide the much-needed velocity to India’s job market by further professionalising them, Dumoulin said.

Shreeja Singh
first published: Feb 3, 2021 09:58 pm

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