Budget Talk: 2013 will be the Year of Revamping
Expectations never cease to exist. Come March and anticipations are at their peak. Once again, it’s time for the budget to be revealed. The industries are anxious more than ever before. Being in an unvarying state of flux has deprived many organizations of the wisdom and creativity to pull themselves out of the turmoil. Most organizations are hoping for a budget that not just rescues them from the puddle of stagnation but gets them going. So the question is questions are:
• Will 2013 Indian industries come out better and stronger?
• Will we finally see the skill-gap shrinking?
• What new trends will be witnessed by the industries this year?
While there are abundant expectations from the budget, let’s begin with a brief outline of what the economy looks forward to:
1. Recruitment in the Technology sector to take a considerable leap
2. Cost-effective training methods that help industries optimize resources
3. Increase the variable pay in salaries
4. Decrease in the level of attrition
5. Women empowerment to surge ahead like never before
Since 2012 was a slow and sluggish year with respect to growth, the common people and the corporates are hoping for a budget that saves them from the ever-shrinking rate of evolution. The Finance Minister P. Chidambaram would know better what the budget is exactly supposed to be like.
Nonetheless, he points out that “Without high growth, India will lag behind”. And that “It will fall behind in scientific and technological advancements and the gap between India and the developed world, and the gap between India and other emerging countries including China, will continue to grow.” If the economy takes what the FM has said with a tinge of optimism then what it implies is that organizations need to take up large scale improvisations to pull themselves back together this year. Having said that, the following pointers are the main highlights that the budget seems to promise:
1. Of all the industries IT will continue to steal the limelight
2. The Banking industry will pick up considerable pace
3. E-Commerce and Big Data will be the keys of progress
4. Organizations will continue getting leaner as downsizing will remain to be the most common trend of cost-cutting
5. Contract hiring and temporary workers will see an upsurge
As per the FM’s speech on 2013-2014 budget, the global economy has considerably slowed down. Nonetheless, this is no reason to be disappointed. As of date only two economies viz. China and Indonesia are faring better than India. The FM is positive that if the nation keeps growing at the estimated rate of growth, India will soon be the second fastest developing nation in the world. If the goal of sustainable development is persistently worked upon, India will continue to shine bright.