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


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By Rahul Veerwal

01 February 2022


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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.

 

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.

 

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

 

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.

 

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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