What did the Union Budget 2024 offer? Here are the positive signals

The interim budget presented by Finance Minister Nirmala Sitharaman on Thursday mostly refrained from outlining much specifics to boost job creation, however, staffing companies and job market experts said sectors such as infrastructure, hospitality & tourism, manufacturing and electric vehicle may see jobs push, based on the positive signals made in the Budget.

“While the budget was low on specifics for how it could help spur job creation, the increased outlays in railways, projects around port infrastructure, and investment commitments in the aviation sector can lead to a large multiplier impact on growth and employment,” said Viswanath P.S, MD & CEO, Randstad India.

“The notable 11.1% increase in the capital expenditure outlay signals a robust commitment to fostering economic development and job creation,” he said.


“The strategic investments in key infrastructure areas not only fortify the nation's backbone but also pave the way for the creation of numerous job opportunities,” he added.

Lohit Bhatia, president of workforce management, Quess Corp, said “Enhancement of infrastructure Budget five years in a row points to the potential to boost jobs in sectors such as construction, steel, cement, supply chain and manufacturing”.

“The Budget emphasis on spiritual tourism holds promise of frontline job creation in areas such as hospitality, tourism, security services, and facility management,” Bhatia added.

“The 50% growth in average real income of the people through the timely delivery of large projects and programs as quoted by the honourable finance minister, will definitely add impetus to the consumption-led economic growth narrative,” said Viswanath.

Consumer-oriented industries will benefit from this rise in real income as people have higher disposable incomes which in turn will create more employment opportunities to meet the increased consumer demand across sectors.

One of the budget's key highlights is the provision of interest-free loans, a move poised to catalyse research and development activities within the private sector.

“This will lead to the expansion of job opportunities, particularly in the burgeoning sunrise sectors,” said Viswanath.