Union Budget 2022 | 60 Lakh New Jobs or Talent War | How ready are you?

Rahul Veerwal

01 February 2022

3 min read

FM Nirmala Sitharaman's Big Announcement

Central Scheme can Create 60 Lakh Jobs In Next 5 Years: Finance Minister What does this mean for Talent Managers? Is there going to be a talent war?

This is one of the many Key Takeaways for the startups, SMEs and MSMEs from Union Budget 2022 presented on 1st Feb, but, what does this mean for your company or the whole startup ecosystem and what are the latest opportunities and challenges for Talent Management that we can see in the upcoming years? Let's have a look and the key takeaways:

1. The Production-Linked Incentive (PLI) scheme across 14 sectors, including IT hardware manufacturing, is going to generate at least 60 lakh new job opportunities in covering key sectors like pharmaceuticals, medical devices, large-scale electronics manufacturing, food products, solar EV modules, automobiles/auto components, ACC battery, textile products etc. More emphasis on technologies like deeptech, agritech, EV tech, defence & digital payments will help tech startups.

• What it means to you? With India targeting $5 Trillion economy by 2025, huge number of startups, SMEs, MSMEs are going to have Credit Line or Grants by government. There is going to be a massive demand for talent & a huge number of startups, SMEs, MSMEs launching campus recruitment programs that means you'll need a rock solid strategy with a robust system to win the war for talent. You need an ecosystem to tap the largest talent pool to get to the best talent.

2. 3 Keywords - Tech, Rural & Agriculture made the backbone of the whole budget. Once again Modi Govt. has focused on unleashing the power of The Real Bharat.

• What it means to you? High-time to look beyond Tier 1 cities & colleges for the talent hunt. You need to broaden the funnel and reach out to the hidden gems from Tier 2, 3 & 4 cities to get the best talent without increasing the spend and efforts

3. Digital Universities - Finance Minister Nirmala Sitharaman on Tuesday proposed to set up a digital university to provide education that will be built on a hub and spoke model

• What it means to you? A disoriented system playing a catch-up race with the high-paced Tech evolution is going to be creating massive loopholes for your Talent Acquisition teams to generate the maximum ROI. Moreover, talent retention & choosing the best source is going to be a tussle.

4. 60 Lakh new job under the make in India  - Finance Minister Nirmala Sitharaman informed the Parliament that the Production Linked Incentive (PLI) Scheme of the Centre has the potential to create 60 lakh new jobs during the next five years.

• What it means to you? This buyers market is going to be controlled by the deep-pocketed players of the industry, you on the other hand need to be very decisive on How to Search, Screen & Retain the talent, especially the “Fresh Talent”

Conclusion - This is once again a Day 0 for setting up your strategies to make colleges & universities as a permanent Talent Source. The startups, SMEs & MSMEs can take benefits of the following apps & collaborations to manage their digital journey and become the Talent leaders in tech world. 

1. Online Test Management - Mettl (https://mettl.com/abt/)
2. Campus Placement Management - GetWork's SuperApp (https://getwork.org/super-app)
3. Get Mentored Students - Mentorkart (https://mentorkart.com/)

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