Views on the Union Budget 2024-2025 from Cosmos Financial Group CEO Mayank Singhvi
Following a split mandate from the most recent General Elections, many, particularly with an eye towards primarily increasing economic and employment growth in India, have eagerly awaited the Union Budget 2024-2025. From Managing Partner at IMK Capital Partners to CEO of Cosmos Financial Group, Mayank Singhvi presents a thorough view on the tactics required to reach these objectives.
A Comprehensive Method for Job Creation and Economic Growth
Mayank Singhvi argues that tackling job creation and economic growth in India calls for a multifarious approach spanning many sectors. Singhvi emphasises here the main techniques:
Educational and Skill Development
Expanding vocational training initiatives is crucial to provide employees with skills fit for their sector of employment.
Particularly highlighting Science, Technology, Engineering, and Mathematics and soft skills, future-ready education hinges on connecting educational courses with market needs.
Encouraging Simple Access to Credit and Other Financial Services for Small and Medium-Sized Businesses (SMEs): This will allow them to flourish by means of easier credit and other financial service access.
Providing firm development services, coaching, and startup and small business support will help to foster innovation and entrepreneurship most importantly.3. Building Infrastructure
Large-scale infrastructure projects can generate many employment in the construction and allied sectors by means of investments.
Creating jobs and lowering migration to cities depend on developing rural infrastructure.
Business Expansion
Encouragement of projects like Make in India would help to increase manufacturing, a sector with great employment possibilities.
Creating industrial corridors and developing Special Economic Zones (SEZs) will help to draw money and generate employment possibilities.
Agricultural Improvements
Encouragement of value addition in agriculture through food processing and agro-based businesses marks agri-business.
Encouragement of contemporary farming methods will help to boost output and provide jobs in rural regions.
Digital Capitalism
Helping the IT and ITES businesses grow must be the goal.
Digital literacy and advanced digital skills training for staff help to raise their competency.
Hospitality and Travel Industry
Developing tourism spots and enhancing infrastructure can help to draw more people and generate employment.
Campaigns for promotion of India as a travel destination:
Reform of Labour Markets
Reforming labour rules will help companies find and keep staff more readily.
Ensuring enough worker protection and perks will help to establish a safe workplace.
Promoting Startups and Innovation
Encouragement of a startup ecosystem with incubation centres, financing support, and innovation hubs will help to shape things.
Investing in R&D will help to build new businesses and employment possibilities by means of new sectors.
Government Policies and Motives
Offering tax benefits and incentives to businesses that meet a specified job count helps to inspire job creation.
Encouragement of Public-Private Partnerships (PPPs) in several areas will help to generate employment.
Vision of Singhvi on India's Economic Future
According to Mayank Singhvi, building a suitable environment for employment growth and economic development requires a combined strategy including these tactics. His vision fits a forward-looking approach combining digital transformation, industrial growth, infrastructure improvement, and skill development.
At last
Mayank Singhvi's observations on the Union Budget 2024-2025 show a strategic and all-encompassing approach to handle India's employment creation and economic difficulties. Singhvi sees India building a strong and sustainable economic environment by concentrating on skill development, helping SMEs, investing in infrastructure, encouraging industrial expansion, and welcoming digital innovations.
Mayank Singhvi, Managing Partner of IMK Capital Partners and CEO of Cosmos Financial Group, views the world through the prism of his vast financial services, real estate, hotel, and aviation experience. His suggestions provide industry executives and legislators a road map to negotiate the complexity of economic growth and job creation in the next few years.