Categories: Business

Industry need to reset its relations with workers says finance minister


Finance Minister

new Delhi. Finance Minister Nirmala Sitharaman has said that in the midst of the Kovid-19 crisis, the industry will need to build a new relationship with its workers. Along with this, he said that the industry will have to consider a professional way to employ unskilled workers. During a discussion with the members of the Confederation of Indian Industry (CII), the Finance Minister said that the people of the industry have to set an example of dealing with workers which is acceptable to all. CII is celebrating the 125th anniversary of its inception in 2020. He emphasized that the government trusts the industry in a full and comprehensive manner. He said that the industry will have to build new relationships with its employees and also employ unskilled workers by adopting a professional approach.

The Finance Minister said that the industry will have to work to make all levels of employees efficient. In response to a question on the Micro, Small and Medium Enterprises (MSME) sector, the Finance Minister said that assistance was announced to MSMEs and non-banking financial companies (NBFCs) before the Kovid-19 crisis unfolded so that rural areas To help the undertakings of He said that efforts are being made to provide additional term loans and working capital loans to all MSMEs. In view of this, the government has given a guarantee on its behalf so that banks do not hesitate to give loans to this sector.

The Finance Minister said that if the government provides full or partial guarantee through a special unit after the lockdown, then the hesitation of banks will be removed. On a question related to agriculture, Sitharaman said that comprehensive reforms have been announced on the area. Three model laws have been shared with the states. Many states have also started working on land reforms. The Finance Minister said that there has been extensive discussion on the Goods and Services Tax (GST) which has come down to the lowest quarter in terms of flows. There are talks about this too. He emphasized that the work of providing cash of Rs 90,000 crore to the power sector will be done at a rapid pace. Sitharaman said that discussions are also being done to save jobs, increase demand and save big companies.

This post was published on May 21, 2020 10:05 am

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