News Mania Desk/ Agnibeena Ghosh/25th June 2024
Finance Minister Nirmala Sitharaman met with prominent trade union leaders on Monday to gather insights and recommendations ahead of the upcoming annual budget. The discussions centered on key areas such as rural development, infrastructure, exports, and the urgent need to address labor-related issues through initiatives like setting up the 8th pay commission and reconvening the Indian Labour Conference.
Harbhajan Singh Siddhu, General Secretary of the Hind Mazdoor Sabha, highlighted the importance of reconvening the Indian Labour Conference, emphasizing its role in addressing concerns arising from recent changes in labor laws impacting worker safety. He stressed that the conference would provide a vital platform for dialogue on these critical matters.
- Surendran, All India Organizing Secretary of the Bharatiya Mazdoor Sangh, emphasized that the budget’s focus should prioritize rural development, infrastructure enhancement, skill development, and boosting exports. He also advocated for the immediate constitution of the 8th pay commission to address wage-related issues comprehensively.
The meeting, which included top finance ministry officials and esteemed trade union leaders, aimed to harness suggestions that could bolster economic growth and improve the conditions of the labor force. Ajay Seth, Secretary of the Department of Economic Affairs, and Chief Economic Advisor V. Anantha Nageswaran were among the senior officials present.
Various labor union representatives, including Vidya Sagar Giri from the All India Trade Union Congress, stressed the importance of recognizing workers as essential contributors to the nation’s growth, urging the government to enhance social security benefits under schemes like EPFO and ESIC. S.P. Tiwari, National General Secretary of TUCC, underscored the need for these benefits to keep pace with inflation to adequately support workers.
The discussions also encompassed broader economic challenges highlighted in the India Employment Report 2024, jointly published by the ILO and IHD. The report noted declines in labor force participation and employment ratios over recent years, coupled with stagnant or declining real wages for many workers, particularly impacting unskilled casual laborers.
Moving forward, the finance minister’s engagement with diverse stakeholders, including industry leaders, economists, and now trade unions, underscores a concerted effort to shape a budget that addresses multifaceted economic challenges while prioritizing inclusive growth and equitable development across sectors.
As preparations for the budget continue, stakeholders remain hopeful that the government will heed these recommendations to pave the way for a robust economic recovery that benefits all segments of society, particularly the workforce grappling with evolving labor dynamics and economic uncertainties.
