Financial Daily from THE HINDU group of publications
Sunday, Apr 09, 2006
Financial Daily from THE HINDU group of publications Sunday, Apr 09, 2006 |
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Industry & Economy
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Labour Reforms Corporate - Events Labour reforms need to be expedited: Minister Our Bureau
Labour issues Liberalising existing labour legislation Enacting a flexible exit policy Reforming trade unions Worker participation in management
MR CHANDRA SEKHAR SAHU
New Delhi , April 8 The Minister of State for Labour and Employment, Mr Chandra Sekhar Sahu, on Saturday said that in the interest of economic sustainability labour reforms need to be expedited and changes accepted. Reforms should not be seen as just facilitating the closure of a sick industrial unit or laying off employees, he said. Speaking at the inauguration of the Institute of Company Secretaries of India's national seminar on `Labour Law Reforms for Good Corporate Governance', here he said, "The compliance of various labour laws by industries and commercial establishments had assumed added significance in the march towards good corporate governance."
Crucial phase
The corporate sector is going through a crucial phase of restructuring as competition increases, so, India will have to expedite the labour reforms and brave the pangs of change in the interest of long-term economic sustainability, he observed. There was need for proper labour reforms in both the organised and unorganised sector to suit the demands of the changing paradigm, the Minister added.
Corporate governance
On issues regarding labour reforms, he said that reforms should facilitate globalisation and good corporate governance. The core issues of labour reforms could be solved by liberalising existing labour legislation, enacting a flexible exit policy, reforming trade unions, by continuously retraining and updating workforce skills, worker participation in management, and by good and clean corporate governance, he said. public private partnership is important in this regard, he added. The Government, industry, trade unions, and all stakeholders should be involved in the process. A holistic and multi-disciplinary approach was required to solve the problems relating to labour, he added.
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