Welcome Guest

Businessex.Com
Home News Labour reforms will boost investor sentiment: India Inc

Labour reforms will boost investor sentiment: India Inc

Tags: Labour reforms, India Inc, sme, msme, D S Rawat, labour law

October 17, 2014 | COMMENTS ( 0 )

Labour reforms will boost investor sentiment: India Inc

Labour reforms unveiled by the government will make it easier to do business in India and boost global investor sentiment by easing compliance burden and ushering in transparency, says a PTI report.



Further, the reforms were aimed at eliminating ‘Inspector Raj’ will create a conducive environment for growth of businesses as they can look forward to simpler procedures and provide a huge fillip to manufacturing, industry bodies said.

 

“We welcome the Labour Ministry’s initiative of launching the ‘Shram Suvidha Portal’ to facilitate a single window for compliance of labour laws,” CII Director General Chandrajit Banerjee said.

 

“Simplification of procedures has been a long standing concern of industry and this initiative will considerably ease the burden of compliances especially for small & medium enterprises (SME) sector,” he added

 

Prime Minister Narendra Modi today unveiled a string of labour reforms, including measures to end ‘Inspector Raj’, asserting that ease of doing business is “essential” to ensure the ‘Make-in-India’ campaign is successful.

 

He dedicated a number of schemes under Shramev Jayate (work alone triumphs) programme which includes portability through universal account number for employee provident fund, single window portal to enable doing business with labour ministry and labour inspection scheme in central sphere.

 

PHD Chamber President Sharad Jaipuria termed “Shramev Jayate” a success mantra that would not only create millions of job opportunities but also facilitate in reaping the demographic dividend and enhance ease of doing business.

 

“Shramev Jayate would be critical to enhance growth of manufacturing sector and its value added to the GDP. It will facilitate the firms to deploy desired workforce in their manufacturing units vis-à-vis softening procedural compliance,” he said.

 

Exporters’ body FIEO said: “Filing single tax return to comply with 16 labour laws, provision for single window, self certification, and computerised random selection of units for inspection will add to the ease of doing business which is a basic requisite both for domestic manufacturers and foreign investors.”

 

While so far the units for inspection were selected locally without any objective criteria, the new scheme envisages that serious matters will be covered under the mandatory inspection list.



Assocham Secretary General D S Rawat said: “The simplification of procedures and introduction of a unified web portal to ensure compliance with labour laws is a welcome move which will avoid harassment at the hands of inspectors.

 

“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.”

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....