Published: 05th July 2019
Union Budget 2019: Four labour codes to help cut down litigation and reduce disputes
The government is set to bring about the proposed labour reforms, said Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said, while presenting the Union Budget 2019, that labour laws in the country are chaotic and complex and needs to be streamlined into basic codes.
Labour laws should be streamlined into four basic labour codes, she said. The government is set to bring about the proposed labour reforms. Sitharaman said that registration should be standardised to cut down on litigation. She also added that this will help reduce disputes as well.
India's first full-time woman finance minister Nirmala Sitharaman presented her maiden union budget at 11 am on July 5. Sitharaman reached the Parliament an hour ahead of time with the budget document folded in a red traditional cloth or 'bahi khaata' sealed with the government seal. Chief Economic Advisor K Subramanian said that it was a departure from "slavery of western tradition". The red cloth symbolises the 'bahi khaata' traditionally used in every Indian business set up to maintain accounts.
Analysts and the media had predicted that her first budget will be focused on the middle class and the poor and that it will take the SoPs presented in the interim budget by Piyush Goyal in February further. Sitharaman has to deal with income tax exemption slabs, unemployment and form a pro-janta budget with the added task of pulling the country out of a five year low. With former Education Minister Prakash Javadekar promising that the government will try its best to spend 6 per cent of the GDP on education and the PM stressing on the youth development and innovation, eyes are on Sitharaman's budget to bring the change.
Click Here to Read More Latest Union Budget 2019 News.