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Union Budget from perspective of EMPLOYMENT & CAREER for YOUTH February 27, 2010

Posted by aglakadam in National Issues.
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Union Budget for FY 20010 -11 was tabled by Finance Minister Pranab
Mukharjee today.

Observations on this budget from perspective of –
EMPLOYMENT & CAREER for YOUTH

Definitely a few steps have been taken intending the continuation of the momentum developed in the previous year 2009-10. However the budget lacks major initiatives to boost the economy of the country.

The best part of this budget is the measures taken which would indirectly promote creation of more jobs and more employment. To list a few such announcements is the increased provision of 40100 crores for NREGA, 5400 crores for Urban Development, 1900 crores for UID under chairmanship of Shri Nandan Nilenkani, shift from profit
linked deductions to Investment linked deductions for 2 star rated hotels etc.

However from Employability enhancement and skills development part nothing much has been done. On one hand we intend to create 50 crore skilled manpower by 20-22 but no mojor provisions has been added to this account. I had expected an enhanced provisioning in the plan for National Skill Development Mission.

However the exclusive skills development initiatives in the Textile & Garment segment is a welcome step though more industries could have as well been considered like food processing, Gems & Jewelers etc.

Enhancement of concessions on R&D investments by companies & introduction of similar concessions for Educational institutes is a good move.

For the Youth while there has been a respite in terms of relaxation in direct taxes though it is more than compensated with the direct & chain impact of the hike in petroleum prices and the exise duty on certain products. Though now there will be some more money to spend for the consumers, the stress on the pockets will be ever increased.

The budget looks quiet silent on the issues of the poor and the under privileged. Industry in general did not get what it was looking for. 3% increase in MAT ( from 15% to 18%) will impact the budgets negatively for many industrialits. Last but not at all the least : no increase in service tax was a shockingly pleasant surprise.

Ajit Varwandkar
Managing Director
http://www.aglakadam.com
Dt. 26.02.2010

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