Budget 09: A Mixed Bag for Recruitment & Employment
TimesJobs.com captures HR thought leaders’ appraisals of Pranab Mukherjee’s Budget.
New Delhi, India, July 20, 2009 --(PR.com)-- As part of it’s First-in-India feature – “High Tea with Top Shots” TimesJobs.com took feedback of eminent HR Heads from Leading Corporates and got their views on the impact of The Hon’ble Finance Minister’s Budget on Employment and Recruitment.
Speaking of Employment, The Hon’ble Finance Minister, Shri Pranab Mukherjee, started by saying, “To counter the negative fallout of the global slowdown on the Indian economy, the Government responded by providing three focused fiscal stimulus packages in the form of tax relief to boost demand and increased expenditure on public projects to create employment ….”
Shri Pranab Mukherjee went on to elaborate many measures that the government would be taking to tide over the issues of employment, industrial growth, investment, and consumption, all of which are interlinked in the economy.
Response to the FM’s Budget from Corporate HR in India was mixed, while some were disappointed that the focus of this year’s budget was not on the salaried professionals, others applauded Shri Pranab Mukherjee’s commitment to -
sustain 9% GDP growth,
extending Tax Breaks for the IT/ITeS sectors,
“Mission in Education through ICT' to improve the Talent Pool, with investments in IITs and NITs,
scrapping of FBT (Fringe Benefit Tax),
removing the surcharge on taxable incomes above Rs. 1 million, and
increase of tax exemptions by Rs. 10,000.
Some excerpts of what Thought Leaders from The HR industry opined on the Indian Budget of 2009, and its impact on Recruitment and the Growth of various sectors–
Sanjay Shanmugaum, Vice President – Human Resources, CBay Systems (I) Pvt. Ltd. saw the positive, “Pranab Mukherjee’s Budget has correctly identified India’s immediate challenge to be that of that sustaining the GDP growth at 9%. The Budget has proposed the requisite economic stimulus needed for this, with financial inclusiveness as the guiding factor.
The Budget focuses strongly on social and rural upliftment and the government’s increased expenditure on infrastructure, agriculture and urban development along with the slew of incentives for private investment in education, social and energy security will provide an impetus to these sectors while strengthening India’s overall competitiveness and indirectly create employment opportunities.
For the Indian IT and outsourcing industry that is struggling to cope with slowing global demand and shrinking profit margins, the Budget has proposed some much-needed initiatives to boost growth. The removal of FBT and the reforms in indirect taxes is seen as a major plus, allowing for stock-based compensation to be more effective.
For more opinions, the complete text & the FM’s interaction on these and similar concerns with the doyens of industry (CII, FICCI & ASSOCHAM) & select media log onto www.TimesJobs.com – and click on Budget 2009-10.
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Speaking of Employment, The Hon’ble Finance Minister, Shri Pranab Mukherjee, started by saying, “To counter the negative fallout of the global slowdown on the Indian economy, the Government responded by providing three focused fiscal stimulus packages in the form of tax relief to boost demand and increased expenditure on public projects to create employment ….”
Shri Pranab Mukherjee went on to elaborate many measures that the government would be taking to tide over the issues of employment, industrial growth, investment, and consumption, all of which are interlinked in the economy.
Response to the FM’s Budget from Corporate HR in India was mixed, while some were disappointed that the focus of this year’s budget was not on the salaried professionals, others applauded Shri Pranab Mukherjee’s commitment to -
sustain 9% GDP growth,
extending Tax Breaks for the IT/ITeS sectors,
“Mission in Education through ICT' to improve the Talent Pool, with investments in IITs and NITs,
scrapping of FBT (Fringe Benefit Tax),
removing the surcharge on taxable incomes above Rs. 1 million, and
increase of tax exemptions by Rs. 10,000.
Some excerpts of what Thought Leaders from The HR industry opined on the Indian Budget of 2009, and its impact on Recruitment and the Growth of various sectors–
Sanjay Shanmugaum, Vice President – Human Resources, CBay Systems (I) Pvt. Ltd. saw the positive, “Pranab Mukherjee’s Budget has correctly identified India’s immediate challenge to be that of that sustaining the GDP growth at 9%. The Budget has proposed the requisite economic stimulus needed for this, with financial inclusiveness as the guiding factor.
The Budget focuses strongly on social and rural upliftment and the government’s increased expenditure on infrastructure, agriculture and urban development along with the slew of incentives for private investment in education, social and energy security will provide an impetus to these sectors while strengthening India’s overall competitiveness and indirectly create employment opportunities.
For the Indian IT and outsourcing industry that is struggling to cope with slowing global demand and shrinking profit margins, the Budget has proposed some much-needed initiatives to boost growth. The removal of FBT and the reforms in indirect taxes is seen as a major plus, allowing for stock-based compensation to be more effective.
For more opinions, the complete text & the FM’s interaction on these and similar concerns with the doyens of industry (CII, FICCI & ASSOCHAM) & select media log onto www.TimesJobs.com – and click on Budget 2009-10.
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Aseem Seth
+919910273367
http://www.tbsl.in
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