Strong Foundation For Sustained Growth In IT & ITES Sectors: Happiest Minds

The reduction in corporate tax rates further enhances the competitiveness of Indian companies on the global stage

Venkatraman Narayanan, MD & CFO of Happiest Minds Technologies

FinTech BizNews Service

Mumbai, July 23, 2024: The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. 

Package of PM’s five schemes for Employment and Skilling

•  Prime Minister’s Package of 5 Schemes and Initiatives for employment, skilling and other opportunities for 4.1 crore youth over a 5-year period.

1. Scheme A - First Timers: One-month salary of up to Rs15,000 to be provided in 3 installments to first-time employees, as registered in the EPFO.
2. Scheme B - Job Creation in manufacturing: Incentive to be provided at specified scale directly, both employee and employer, with respect to their EPFO contribution in the first 4 years of employment.
3. Scheme C - Support to employers: Government to reimburse up to Rs3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee.
4. New centrally sponsored scheme for Skilling
   • 20 lakh youth to be skilled over a 5-year period.
   • 1,000 Industrial Training Institutes to be upgraded in hub and spoke arrangements.
5. New Scheme for Internship in 500 Top Companies to 1 crore youth in 5 years

Venkatraman Narayanan, MD & CFO of Happiest Minds Technologies, is happy with the budget. He feels: "The Union Budget's emphasis on employment, skilling, and digital infrastructure marks a transformative moment for the IT and ITES sectors. The allocation of Rs 1.48 lakh crore for these categories, coupled with the PM Package comprising five key schemes, underscores the government's commitment to building and nurturing a skilled workforce, which is indispensable for our industry. The revised skill loan scheme and the comprehensive internship program will provide young talent with invaluable exposure and opportunities, creating a pipeline of skilled professionals.

The focus on digital public infrastructure and innovation by the private sector is a welcome move, poised to enhance productivity and create new business opportunities. The allocation of over Rs 11 lakh crore for infrastructure development, along with supporting policies to promote private investment, will significantly bolster the growth of both digital and physical infrastructure, driving holistic economic progress.

Furthermore, the establishment of the Anusandhan National Research Fund and incentives for R&D will accelerate technological advancements, fostering a culture of innovation. The reduction in corporate tax rates further enhances the competitiveness of Indian companies on the global stage.

A noteworthy highlight is the focus on enhancing women's participation in the workforce through the establishment of working women hostels, creches, and women-specific skilling programs. These initiatives will empower women, enabling them to contribute significantly to the socio-economic development of the country. Ensuring that women have the support and opportunities they need to thrive in their careers is essential for building an inclusive and prosperous society. 

Overall, the budget's comprehensive approach to skilling, infrastructure, and innovation lays a strong foundation for sustained growth in the IT and ITES sectors, aligning with Happiest Minds Technologies' vision of leveraging technology for transformative outcomes. This budget is a significant step towards realizing the vision of 'Viksit Bharat' – a developed India – by empowering our youth, fostering innovation, and building world-class infrastructure."