Union Budget 2024: Q&A with Atanu Banerjee

Union Budget 2024: Q&A with Atanu Banerjee, CEO of Spectrum Talent Management Limited

The Union Budget 2024 has been a significant milestone in shaping India’s economic landscape, focusing on crucial areas like employment, skilling, and support for MSMEs. To gain insights into these developments, we had an enlightening Q&A session with Atanu Banerjee, CEO of Spectrum Talent Management Limited. Below, he shares his perspectives on how this budget will impact various sectors and the overall economy.

Q: As the CEO of a staffing organization, what is your overall impression of the Union Budget FY24-25?

A: As the CEO of a leading staffing company and a proud Indian, I welcome the Union Budget FY24-25 and its nine strategic priorities focused on Employment, Skilling, and MSMEs. This budget underscores our nation’s commitment to growth, innovation, and inclusivity. It lays out a comprehensive and visionary framework to enhance employment and skilling in India, addressing unemployment while preparing our youth and workforce for the future. This will drive India towards a prosperous and resilient economy.

Q: What are the key initiatives introduced in the budget for employment, particularly for youth and skilling programs?

A: The government’s Employment Linked Incentive schemes, part of the Prime Minister’s package, are designed to support first-time employees, boost job creation in manufacturing, and incentivize employers. These schemes are essential for building a robust and inclusive job market. Key initiatives include:

  • Youth Employment: One month’s wage for all new workforce entrants in formal sectors, with a direct benefit transfer of up to ₹15,000 in three installments for first-time employees registered in the EPFO, benefiting 210 lakh youth. A ₹2 lakh crore package also aims to create jobs and enhance skills, including a 12-month paid internship program across India’s top 500 companies.
  • Skilling Programs: A new centrally sponsored scheme will skill 20 lakh youth over five years, upgrading up to 1,000 Industrial Training Institutes in collaboration with state governments and industry. Course content will align with industry needs, introducing new courses to meet emerging demands, ensuring the workforce is prepared for a dynamic job market.

Q: How does the budget plan to enhance women’s participation in the workforce?

A: To facilitate higher participation of women in the workforce, the government will set up working women hostels in collaboration with industry and establish creches. Additionally, women-specific skilling programs and the promotion of market access for women SHG enterprises will be organized. These measures will create a more supportive environment for women professionals, promoting gender equality in the workplace.

Q: How does the budget support the Make in India initiative and MSMEs?

A: New policies and incentives in the budget support domestic manufacturing and services, fostering innovation and entrepreneurship in MSMEs and startups. Our company is eager to support these enterprises with the talent they need to thrive. By partnering with these burgeoning enterprises, we can contribute to the creation of a robust ecosystem for small and medium enterprises to flourish.

Q: In conclusion, how do you see the impact of these initiatives on India’s future?

A: The Union Budget 2024 presents a visionary framework that addresses the critical needs of employment and skilling in India. As a staffing organization, we are excited to embrace these opportunities and contribute to building a dynamic, skilled, and inclusive workforce. These initiatives will not only address unemployment but also prepare our youth and workforce for the future, driving India towards a prosperous and resilient economy. Together, we can transform challenges into opportunities and build a bright future for our nation.

Atanu Banerjee’s insights reflect a positive outlook on the Union Budget 2024, emphasizing the importance of strategic initiatives aimed at employment, skilling, and MSME growth. As India moves forward, these efforts will play a crucial role in shaping a robust and inclusive economic landscape.

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