: FM urges industry to plan for engaging labour with more professional approach #FinanceIndia #StockMarketNEWS FM urges industry to plan for engaging labour with more professional approach New Delhi,

@StockMarketNEWS Sun 24 May, 2020

Posted in: #FinanceIndia #StockMarketNEWS

FM urges industry to plan for engaging labour with more professional approach #FinanceIndia #StockMarketNEWS
FM urges industry to plan for engaging labour with more professional approach New Delhi, May 20 (KNN) Union Finance Minister Nirmala Sitharaman has urged industry to plan for engaging labour with a more professional approach and engage in skilling.

The government trusts industry fully and comprehensively. Mindsets in industry need to set examples in handling workers in a way that is acceptable to all," stated the Finance Minister during an interaction with members of Confederation of Indian Industry (CII) which is marking 125 years of its existence in 2020.

She further said that industry needs to reset its relations with workers and plan for labour including unskilled labour.

The Minister also 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 Micro Small and Medium Enterprises (MSME) sector, she stated that clear handholding was announced for MSME and NBFCs to help enterprises in rural areas.

She also asserted 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.

"When Government provides full and partial guarantees with a special purpose vehicle post-lockdown, the bank hesitation has been addressed," she said.

Responding to a question on agriculture, the Finance Minister mentioned that comprehensive reforms have been announced.

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 and large projects will be frontloaded, which will bring in positive energy and sentiments, she said.

The Finance Minister noted that there has been a fair and open interaction on GST which has come to the bottom quarter in inflows and discussions are underway on this.

She agreed that infusion of liquidity in the power sector of Rs 90,000 crores would be fast-tracked.

Concerns that large industry too is facing a lot of stress, particularly in certain sectors such as tourism, automotive and aviation were also discussed.

Discussions need to be undertaken to protect jobs, increase demand, and ensure survival of large businesses, industry requested, the statement added.

The interaction saw the participation of Finance Secretary Ajay Bhushan Pandey, Economic Affairs Secretary Tarun Bajaj, Financial Services Secretary Debasish Panda and Expenditure Secretary T V Somanathan, among others.