NEW DELHI, Jan. 31, 2024 -- As we approach the Union Budget 2024, it becomes imperative to prioritize initiatives that enhance employability and foster skill development. As per the job landscape concerned, expectations from the union budget lie in three segments:

1) Outcome-based Upskilling Investment:

Almost all industry segments — whether it is IT, automobiles, healthcare or manufacturing — are going through a phase of transformation. People are grappling with the obsolescence of their skill sets, while not all employers possess the means to upskill their workforce comprehensively. It is a question if the Government can support this through focused initiatives around this area. Here is a table highlighting the talent gap across sectors.

2) Investment in Digital Infrastructure

With the IT industry going through a slump, the Tech Talent of India has fewer opportunities at hand. While the demand for digital talent exists in other industries, all of them together can provide opportunities for less than half of the available talent. Initiatives around upskilling tech talent around contextual applications and Government-led investment in digital infrastructure will create more opportunities.

For example, today almost every sector, be it Automotives — where developers are required for Human Machine Interfaces, BFSI — where the demand for cyber security experts and ML developers is skyrocketing, or Retail — where new avenues like virtual merchandising and gamification have found new demand, companies need digital talent, with not just tech skills but also a functional understanding of the industry segment. While larger players are putting in investments for academia–industry partnerships to create a talent pipeline, most players do not have such resources. The Government can play a role in bridging the gap.

3) Social Security of Gig workers

The gig economy in India is poised for substantial growth, with a NITI Aayog report projecting a potential increase to 2.35 crore gig workers by 2030. Anticipating a rise in gig or contractual hiring to 9% of the total workforce in 2023, key sectors such as automotive, engineering and manufacturing, GIC, and IT will play pivotal roles in this expansion.

Social Security coverage — which includes health insurance — is one of the basic steps needed to be taken for the overall well-being of this segment. Few states have placed some mechanisms into action (Rajasthan Gig Workers Act), but an initiative driven by the Centre would be a great booster for India being the Gig Talent capital of the world.

About Taggd 

Taggd, India's Digital Recruiting firm, is revolutionizing talent acquisition with its industry leading solutions. Taggd combines data and human knowledge to provide businesses with ready-to-hire talent. Led by CEO Devashish Sharma, Taggd has over 15 years of experience, managing the recruitment process for 100,000 positions annually. Offering comprehensive solutions across 14 sectors, including technology, engineering, and automotive, Taggd delivers tangible business gains for clients. Trusted by prominent brands, like Tata Motors, Mahindra & Mahindra, HPE and many more, Taggd's expertise in recruitment strategies, talent network access, and data intelligence has solidified its position as a leader in the industry. Recognized by global analyst firm Nelson Hall, Taggd seamlessly blends human expertise with data-driven insights, empowering businesses to make successful hires and drive growth

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