Analyzing the Contribution of HR Policies to Innovation and Development in Viksit Bharat’s Emerging Sectors

https://doi.org/10.34047/MMR.2024.11211

Abstract

As India works to realize its aspirational goal of becoming a developed nation by 2047, or “Viksit Bharat,” emerging sectors have great potential to propel both economic growth and social advancement. Nevertheless, developing a talent pool with the requisite abilities and motivated by an entrepreneurial spirit is essential to promoting innovation and long-term success within these industries. This abstract explores how important human resource (HR) policies are to accomplishing this goal. The investigation will look at how well-crafted HR policies can draw in, keep, and develop people in developing industries including biotechnology, green technology, renewable energy, and artificial intelligence. It will specifically look at the effects of the following talent acquisition strategies: utilizing skilling and reskilling initiatives, collaborating with academic institutions, and targeting different talent pools. Performance management systems: transparently defining success indicators, rewarding creative thinking and taking calculated risks, and offering ongoing feedback. Programs for education and growth: enhancing internal mobility, developing skill sets pertinent to future technologies, and fostering cooperation through cross-functional training. Workplace culture and employee engagement: establishing a setting that encourages innovation, teamwork, and candid communication; encouraging work-life balance; and acknowledging each person’s unique contributions. The abstract will also cover how important it is to change HR laws to accommodate the unique needs of start-up companies and entrepreneurial ventures that operate in these emerging markets. This might mean flexible work schedules, equity-based compensation plans, and streamlined on boarding processes. The abstract looks at best practices and successful case studies in order to give policymakers, business executives, and HR specialists useful insights. The article will conclude by highlighting the critical role HR plays in building a robust talent ecosystem that fosters innovation and growth and, ultimately, contributes to the realization of a prosperous “Viksit Bharat.”