Economy News

New Labour Bill expected to stunt Gurugram’s economic recovery

On March 2, 2021, Haryana governor approved the bill providing 75 per cent reservation in private sector to job seekers who have a state domicile certificate.

The quota for local people will apply for 10 years to private sector jobs as per reports.

This will offer a salary of less than Rs 50,000 a month.

However, the new law might compel IT-BPO, tech companies and their young workforce to shift their base to other regions.

Moreover, this move will affect investment in the long run for the region.

It can also fundamentally change the economic landscape of the city.

This is because it employs people from across Haryana, Delhi-NCR, India and even the world.

Employers in the manufacturing sector also appeared worried at the prospect of promulgating such an ordinance into a law.

In fact, industries should be allowed to hire at their discretion for the next few years at least.

It is quite difficult to find people with the right skills and qualifications which is also very expensive.

Currently, Gurugram represents 5 percent of the overall BPO workforce in the country comprising all major IT and BPO firms.

These include Genpact, Infosys, TCS, HCL Tech and Wipro have offices in the region.

Moving forward, this plan has a huge impact on IT and tech firms of the country.

Infosys has hiked its initial recruitment plan of 15,000 campus hires to 24,000 with the increase in demand.

TCS will appoint 40,000 freshers while HCL Tech aims to take in 15,000 new staffers from campuses in FY22.

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