Logout
Welcome
Edit News Article
Title
*
Select Subject
Working Conditions
Wages
Construction workers
Bonded labourers
Welfare schemes
Social security
Unorganised sector workers
Minority communities
Id cards for migrant workers
Trafficking
Slum dwellers
Seasonal workers
Contract system of labour
Employment
Child labour
Children of migrant workers
Trade union
Migrants Crisis
Demonetisation
None
Description
The RBI today called for intensifying structural reforms and focusing on the land and labour markets to realise the potential of the economy and avoid jobless growth. In its annual report for 2015-16, the apex bank said various governments need to act together in this direction. "Labour regulations are often cited to be a significant barrier to growth, particularly with regard to large and medium-scale manufacturing companies. "Initiatives taken by some states to amend labour laws are a good starting point. Second, land acquisition processes are another critical factor affecting the pace of investment. States may consider putting in place a transparent and viable framework, de-bottlenecking land constraints, as in Andhra Pradesh, to drive the capex cycle," it said. Among the states, Rajasthan took the lead in labour reforms when it amended the Industrial Disputes Act, 1947, the Contract Labour Act, 1970 and the Factories Act, 1947. The amendments to the Industrial Disputes Act allowed companies employing up to 300 people to retrench without seeking the government's permission. In November 2014, President Pranab Mukherjee gave his approval to the state's amendment of the three laws. The RBI's comments on land reforms will be music to the ears of the NDA government, which has tried unsuccessfully to ease land acquisition for infrastructure because of political opposition. The report said that while certain important steps have been taken by the government, they should be taken to their logical conclusion. Here it cited the UDAY scheme which has provided a one-time opportunity to discoms to regain financial viability. Another important area of ongoing reforms is the banking sector for which stressed assets need to be unlocked and put back to work. Here, the report felt that the enactment of the Insolvency and Bankruptcy Code will make it easier for sick companies to either wind up or turn around, and for investors to exit.
Keywords
labour reforms, structural reforms, RBI, labour regulations, growth, labour laws, amendments, jobless growth,capex cycle
Upload Image
(only .gif or .jpeg files or .x-png files. Max upload size is 20MB)
Source
Display in both Policy and News
No
Yes
Enter Video url/Embed Code :
Url
Embedded Code
External Link URL
Status
Active
Inactive
Show On Home Page
Yes
No