Industry Needs To Reset Its Relations With Workers Says Finance Ministry

Nirmala Sitharaman, Minister of Finance and Corporate Affairs, stressed that the Government trusts industry fully and comprehensively. She urged industry to plan for engaging labour with a more professional approach and engage in skilling. The Minister was speaking at an interaction with Confederation of Indian Industry (CII) which is marking 125 years of its existence in 2020.

Industry needs to reset its relations with workers and plan for labour including unskilled labour, said the Minister. She requested industry to consider a professional manner in the terms for engaging unskilled workers and work towards the skilling of employees at all levels. On a question regarding the MSME sector, she stated that before Covid19 as well, clear handholding was announced for MSME and NBFCs to help enterprises in rural areas. She stated that credit availability for additional term loan and working capital loan was intended to reach all MSME, and hence the Government has provided a guarantee to banks to overcome hesitation in lending.

The Finance Minister mentioned that comprehensive reforms have been announced in agriculture. Three model Acts have been shared with State governments. She stated that many states have commenced on land reforms. The National Infrastructure Pipeline will be given a big push in order to create demand with a multiplier effect, stressed the Finance Minister on a question related to infrastructure

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