International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Impact of Union Budget and Monetary Policy on Talent Acquisition and Retention Strategies in IT Sector: A Study of Madhya Pradesh

Author(s) Robin Vedi, Dr. Sanjay Payasi
Country India
Abstract The Information Technology (IT) sector in India is evolving rapidly, contributing significantly to employment and GDP. However, talent acquisition and retention remain major challenges, especially in tier-II states like Madhya Pradesh. This research investigates the influence of Union Budget 2024–25 and contemporary monetary policy decisions on talent management strategies in the IT industry. Specific budgetary allocations for skill development, digital infrastructure, and employment incentives have implications on hiring practices, retention frameworks, and workforce productivity.
Primary data were collected from HR professionals and senior managers across 20 IT firms operating in Bhopal, Indore, and Gwalior. Using structured questionnaires and interviews, insights were gathered about post-budget hiring trends, compensation adjustments, remote work adoption, and training investments. Secondary data from Union Budget documents, RBI monetary updates, and NASSCOM reports were also analyzed. Statistical techniques such as descriptive analysis, cross-tabulation, ANOVA, and regression were employed to interpret the findings.
The study reveals that policy-driven budget incentives, particularly for upskilling and startup support, are positively correlated with hiring growth and employee satisfaction. Additionally, monetary tightening by the Reserve Bank of India indirectly influenced salary benchmarking and hiring freezes. The regression analysis confirms that firms aligning with government initiatives have better retention rates.
This research contributes to policy discourse by offering empirical evidence on how fiscal and monetary frameworks affect talent strategies in the IT ecosystem. It recommends stronger public-private partnerships, region-specific tax reliefs, and performance-linked grants to encourage sustained employment growth. The findings are relevant for policymakers, HR strategists, and economists aiming to integrate workforce planning with macroeconomic instruments.
Field Engineering
Published In Volume 7, Issue 3, May-June 2025
Published On 2025-06-05
DOI https://doi.org/10.36948/ijfmr.2025.v07i03.46620
Short DOI https://doi.org/g9pzw5
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