Expectation from Union Budget 2024 for the HR tech Sector

Manikanth Challa, CEO and Founder, Workruit

According to the budget document for the fiscal year 2023-24, the government has allocated over 1 lakh crore to the Ministry of Education, emphasizing education and comprehensive skill-building for students. We anticipate a continuation of this trend, with a focus on holistic development that aligns education, employment, and health to foster a resilient and inclusive economy. Bridging the digital divide, especially in rural areas, and promoting online education initiatives are critical expectations.

In the realm of employment, our expectations center around programs aimed at job creation, particularly in sectors affected by the pandemic. Skill development initiatives, aligning the workforce with emerging market demands, and support for entrepreneurship are seen as instrumental in stimulating economic growth and creating job opportunities. Our overarching hope is for a budget that seamlessly integrates education, employment, and health, leveraging digital technologies to enhance efficiency, transparency, and inclusivity across these crucial sectors. Ultimately, this approach aims to propel India towards a resilient and digitally empowered future.

Sonali Chowdhry - CEO, Officenet

As we approach the Union Budget 2024, we acknowledge the government's recent efforts to streamline PF processes and the noteworthy change in last year's IT regime. In the upcoming budget, we advocate for policies that aim to reduce compliance complexity and foster talent development, recognizing their pivotal role in shaping our collective future. As we navigate the path towards AI dominance, a key expectation is robust support for Reskilling/Upskilling initiatives to empower our workforce for the challenges of tomorrow.

In the realm of the manufacturing industry, we anticipate the necessary change in the Employee State Insurance (ESI) schemes. The current structures pose administrative challenges, leading to delayed contributions and settlements. A comprehensive reform to simplify these processes could significantly enhance operational efficiency in HR management. Investments in technology for HR automation and digital workforce management systems are also sought to optimize HR functions within enterprises.