Mayank Singhvi, CEO, Cosmos Financial Group’s quote on Union Budget 2024-2025

Mumbai (Maharashtra) [India] July 23 : Post the General elections which resulted in a fractured mandate after a decade the union budget 2024-25 is keenly awaited. Boosting economic and job growth in India is a primary concern requires a comprehensive approach that spans various sectors and addresses both supply and demand factors.

Here are some key strategies for the same :

  1. Skill Development and Education:
    – Vocational Training:  Expand vocational training programs to equip workers with skills that match industry needs.
    – Educational Reforms: Align educational curricula with market demands, emphasizing STEM (Science, Technology, Engineering, and Mathematics) and soft skills.
 
 2. Promoting Small and Medium Enterprises (SMEs):
    – Access to Finance: Provide easier access to credit and financial services for SMEs.
    – Support Services: Offer business development services, mentoring, and support for startups and small businesses.
 
 3. Infrastructure Development:
    – Construction Projects: Invest in large-scale infrastructure projects, which create numerous jobs in construction and related industries.
    – Rural Infrastructures:  Develop rural infrastructure to create jobs and reduce migration to urban areas.
 
 4. Industrial Growth:
    – Manufacturing Sector: Promote Make in India and other initiatives to boost manufacturing, which has high employment potential.
    – Special Economic Zones (SEZs): Develop SEZs and industrial corridors to attract investments and create job opportunities.
 
 5. Agricultural Reforms:
    – Agri-Business: Encourage value addition in agriculture through food processing and agro-based industries.
    – Modern Farming Techniques: Promote modern farming techniques to increase productivity and create employment in rural areas.
 
 6. Digital Economy:
    – IT and ITES: Strengthen the Information Technology (IT) and Information Technology Enabled Services (ITES) sectors.
    – Digital Skills Training: Provide digital literacy and advanced digital skills training to workers.
 
 7. Tourism and Hospitality:
    – Tourism Infrastructure: Develop tourist destinations and improve infrastructure to attract more visitors and create jobs.
    – Promotion Campaigns: Run campaigns to promote India as a tourist destination.
 
 8. Labour Market Reforms:
    – Flexible Labor Laws: Reform labor laws to make it easier for businesses to hire and retain employees.
    – Worker Protection: Ensure adequate worker protection and benefits to create a secure working environment.
 
 9. Encouraging Innovation and Startups:
    – Startup Ecosystem: Foster a startup ecosystem with incubation centers, funding support, and innovation hubs.
    – Research and Development: Invest in R&D to create new industries and job opportunities.
 
 10. Government Policies and Incentives:
     – Incentives for Job Creation: Provide tax breaks and incentives for companies that create a certain number of jobs.
     – Public-Private Partnerships (PPPs): Encourage PPPs in various sectors to boost job creation.
 
 By addressing these areas, India can create a conducive environment for job growth and economic development.

About the author : 

Mayank Singhvi is the CEO of Cosmos Financial Group, spanning financial services, real estate, hospitality, and aviation, and Managing Partner at IMK Capital Partners

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.