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Union Budget 2018: Experts' Opinion On Budget Expectations For The Working Class

Union Budget 2018 is exactly two weeks away. The expectations are high from the working class and the budget may spring up a few surprises as it is also the last budget of the current central government. We talked to a few experts to get their views on the budget expectations for the working class:

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Union Budget 2018 is exactly two weeks away. The expectations are high from the working class and the budget may spring up a few surprises as it is also the last budget of the current central government. We talked to a few experts to get their views on the budget expectations for the working class:   

Amitabh Jaipuria, ‎President and CEO - Global Services - ‎Quess Corp Limited

The government has set an ambitious target of skilling 300 million people by 2022 and also aggressive targets for job creation. There are three aspects to achieving this (1) Getting people ready for these jobs and to get the supply side ready through skilling interventions. We expect the focus for this year’s union budget to be on integrating strategies in order to see rise in skilling outcomes (2) Making it easier for people to find these jobs, the focus here should be on Ease of doing business for companies that operate in this area. The recent proposal to issue National Licenses for Staffing companies is a step in this direction. (3) Making it easier for Companies to hire by easing their compliance burden. This year, we expect incentives to be strengthened and compliance rules eased for large scale job creation. The need of the hour is single minded focus on ease of doing business and on skilling outcomes.

Zairus Master, CEO, Shine.com

Certainly, more can be done I think there have been several demands, but irrespective of what the budget is, for an individual it’s not about saving that 10 percent%, but look at yourself. You look at the numerator or you look at the denominator, which defines the value. So, can I skill myself and get a 30 percent jump in my salary? People skilled in the niche skills can easily get 25-30 percent jump in their salary. If I am able to get a 25-30% percent jump in the salary, minor changes in the macro-economic environment do not really impact me. So, forget about what the environment is, the general trend is niche skills are important and how better are employees equipped to better take advantage of that opportunity.   

Ketan Kapoor, CEO & Co-founder, Mettl

With some of the organisations in the Indian workforce universe planning to give employees a special bonus or boost wages due to rapid changes in tax wages taking effect this year, workers might wonder how else the new tax laws will affect them. It's a mixed bag. Some of the changes could lead to better benefits while others might ding existing ones. While it's hard to predict exactly what corporate India will do, some provisions could have a fairly direct impact on workers.

The tax reform last year in India was one of the most important one, the welcome of GST in the economy has different impacts on employees and employers. The employee-employer relationship is no longer the sole business of the HR department. The reform reduced implication of direct taxes on employees whereas the employers may also cut down input tax credit facility in many cases. The impact on salaried personal depends on the personal consumption expenditure. Whereas GST doesn't imply on salaries and monetary awards, employees are now paying GST in restaurants, movies, shopping & consulting etc. Depending on the GST rates the expenses of the working class may rise or reduce in different sectors. In any case, GST implication is better than dealing with taxes on purchase bills, luxury tax, entertainment tax, service and VAT tax altogether. Employment has been created by this reform.

Sanjay Modi, Managing Director, Monster.com, APAC & Middle East

This will be one of the more significant budgets as it happens on the back of a year of radical reforms such as demonetization, implementation of GST and a new bankruptcy regime. I am hopeful that this year too, there is impetus towards skills enhancement, that will aid job creation and we can effectively leverage our demographic dividend. Hopes from the Government to further the revival of economy and confidence of local businesses through ‘Make in India’ program with a thrust on facilitating exports are also high. This will, in turn, also support creation of jobs in the manufacturing and infrastructure sectors, strengthening the backbone of our economy.


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