India Inc lauds PM Modi's labour reform moves

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SME Times News Bureau | 17 Oct, 2014
Indian industry Thursday welcomed Prime Minister Narendra Modi's unveiling of key labour reforms the "Shramev Jayate" initiatives saying these will create a conducive environment for industry and bring better social security benefits for workers.

The prime minister also unveiled the Shram Suvidha portal, a Labour Inspection Scheme, as also the portability of social security through a Universal Account Number for Employees Provident Fund at an event in the Vigyan Bhavan conference complex here earlier in the day.

"The most important advantage of the portal is that this will allow online registration of Units and filing of Self-Certified Single Online Returns. This will provide enormous relief to industry and reduce the compliance burden for industry," Confederation of Indian Industry (CII) director general Chandrajit Banerjee said in a statement.

Applauding the launch of the "Labour Inspection Scheme", Banerjee added: "Rationalising inspections have been a long standing demand from industry and CII is happy that the Labour Inspection Scheme will check on the arbitrariness in compliance mechanism."

“The simplification of procedures and introduction of unified web portal to insure compliance of labour laws is a welcome move which will avoid harassment at the hands of inspectors," said D.S Rawat, secretary general of Assocham.

"The universal PF account number to the employees satisfies their long standing demand and enables quick transfer as well viewing their account statement anywhere anytime,” Rawat added.

Launching the labour schemes, Modi said the government must also trust its citizens and other stakeholders and that a big step has been taken in this direction by allowing the self-certification of documents.

President of the PHD Chamber of Commerce and Industry Sharad Jaipuria said "Shramev Jayate" is a success mantra that would not only create millions of job opportunities but also enhance ease of doing business, which will place India better in comparison to other countries in the global economic order in the period ahead.