Budget Reaction: Employment to surge significantly:Manmeet Singh, CEO, FirstMeridian Global Services and Innovsource
Manmeet Singh, CEO, FirstMeridian Global Services and Innovsource.
Budget 2025 continues to advance India’s vision of becoming a global talent hub. With a strong emphasis on boosting employment, the budget introduced initiatives such as the establishment of five National Centres of Excellence for skilling, aimed at driving “Make for India, Make for the World” manufacturing, the National Manufacturing Mission, and a multi-sectoral programme addressing the needs of the agricultural, footwear and leather, toy manufacturing, and tourism sectors. Special attention has been given to improving the socio-economic conditions of urban workers, street vendors, and gig workers through various schemes, a much-needed step towards inclusive growth.
Additionally, initiatives like the revamping of PM SVANidhi scheme, Credit Cards for Micro Enterprises, and a new term loan scheme for first-time women, SC, and ST entrepreneurs will further stimulate employment. Coupled with plans to increase medical college seats, setting up of Atal Tinkering Labs, and implementation of the PM Internship Scheme, India is set to address the skill gap across traditional and emerging sectors.
While the budget has laid a strong foundation for a Viksit Bharat, its focus on employment generation and skilling remains commendable. Yet, the absence of advancements on the employment-linked incentive scheme and the exclusion of a GST reduction for staffing services are notable missed opportunities.