Bangalore: Leading HR consultancy firm Randstad India today said there is cautious optimism with the new government in power, and the positive sentiment is trickling through the hiring companies with a little bit of uptake on the number of jobs.
"With the new government,there is more cautious optimism out there, people think that there will be quick decision on some long pending projects and huge investment might be come in," Randstad India and Sri Lanka CEO Moorthy K Uppaluri told reporters here.
He said: "At least the expectation is to have a higher investment in
infrastructure, which then will further grow several other industrial growth, because it is the foundation on which several other things will happen."
"There is expectation on job creation, inclusive growth in terms of bringing in youth and vocational training or skill based employment and focusing on that...; there are also expectations of more inclusive growth from women's perspective to tap that talent as well," he added.
Stating that the government of the day had identified core areas in their manifesto, Uppaluri said: "I think that should mean some additional jobs and that positive sentiment is trickling through the hiring companies as well and we are seeing a little bit of uptake on the number of jobs."
On sectors that can expect significant growth, he said: "I think pharma, manufacturing, IT, infrastructure...., also training because of impetus to vocational training, and banking as well because of deregulation and other things that might happen."
However, Uppaluri said: "speaking from a job creation and employment focus, there is more of an opportunity but need be done thoughtfully over a period of time."
"Some of these are chronic challenges....It is important for new government to think through," he added.
On Foreign Direct Investment (FDI), he said: "I like the balanced approach that the government is taking in terms of protecting and posturing the indigenous companies, small and medium companies particularly in the retail sector- they don't want these guys to come in and plunder the growth."
"There is strategic thinking in growing our local business and at the same time to encourage the FDI where appropriate so that we accelerate the growth...." he stated.
Underlining the need for reforms in labour laws, Uppaluri said: "...We have not even scratched the surface on deregulating and making laws relevant with the changing time."
"...There is so much more that the government has to do... If labour laws are made more relevant, more online and friction free it will lead to business growth and also employment. Deregulating some of these irreverent norms will be helpful," he added.
