Union Budget 2022-23 To 'Champion' Job Creation
With the Periodic Labour Force Survey (PLFS) 2021 clearly showing job loss in the age-group of 15-29 years, where the drop in worker-population ratio has been a high of 1.6 percent in the first quarter of 2021, the Union Budget 2022-23 is highly expected of delivering a booster shot to 'champion' job creation.
As per the CareEdge Budget Survey released recently, a massive 58 percent of the respondents expect employment generation to be the main focus of Union Budget 2022-23. The top research agency has conducted a survey during the period January 12-17 with 330 industry experts and analysts to forecast the upcoming budget's main thrust.
The survey by CareEdge finds that in order to give a fillip to the employment generation, the upcoming budget will go for multiple therapeutic measures. They are detailed below.
Finance Minister's Champions
In the Union Budget 2021-22, the government has committed nearly Rs 1.97 lakh crore over 5 years starting FY 2021-22 for 13 sectors, under the PLI scheme.
The 13 sectors are as follows.
As per the analysis of FM Sitharaman's statements, the Budget 2022-23 is likely to give incentives to the following 'Champion' or 'Sunrise' manufacturing sectors that have a high job creation potential.
Odisha In Job Map
A detailed glance at the 'Champion' sectors shows that jobseekers from Odisha will get job opportunities outside the State. Because the sectors that are believed to create huge jobs have no footprint in Odisha, except petrochemicals and food processing.
A look at the Industrial Entrepreneurial Memorandum (IEM) filed in Odisha during 2021 revealed the following sectors' footprints.
The investment commitments Odisha received in 2021 don't cater to the champion or sunrise sectors outlined by Union Finance Minister in her budget speech of 2020-21 and 2021-22.