Pre-Budget Quote – Overall Economy & HR Sector – Genius Consultants Ltd

By Mr.RP Yadav, Chairman & Managing Director, Genius Consultants Ltd.

Overall Economy

“The last two years, with the upheaval of the pandemic, have been nothing short of a roller coaster for the economy, with multiple ups and downs running parallelly with the case counts. Now that we are hoping for some stability, the new Union Budget for 2022 must focus on creating more demand and building employment opportunities across various sectors that have been adversely affected and have witnessed a drastic dip in hiring. The PLI scheme, along with the ‘aatmanirbhar bharat’ initiative, if continued to be promoted and upscaled, can help the manufacturing sector as well as many other industries. The budget should also focus on improving and strengthening the existing medical infrastructure and stabilising the decisions about the policies. Throwing focus on these specific areas could help increase the GDP by 9% for the year 2022 and 8.5% for 2023, respectively and may also curb the fiscal deficit by 4.5% for the year 2025-26.

HR Sector

“The staffing industry holds the mantle of creating job opportunities, which is extremely vital for any country’s economic growth. However, the 18% GST levied on the sector is a bit strenuous and we are hoping that there is scope for some reduction in the upcoming budget. Along with that, we are optimistic that the budget will have measures in place to increase and create more employment opportunities in various sectors. The hiring trends that have been unstable in the past owing to the pandemic and its ambiguous conditions would definitely require immediate and urgent attention. Also, if the government can make the labour license a national one then it would really benefit the staffing sector. We are hoping this new financial year will bring an array of opportunities for growth and development.”