Bangalore Chamber of Industry and Commerce (BCIC) welcomed the Union Cabinet’s decision to approve proposals to amend three key labour laws, including the Factories Act 1948. These proposals were part of the budget announcement made by Finance Minister Arun Jaitley during his budget speech.
A N Chandramouli, President, BCIC said: “These amendments proposed are most welcome and it would create a conducive atmosphere for business and labour. Some of the recommendations namely, doubling the provisions of overtime from 50 hours a quarter to 100 hours; relaxing the norms of female participation in labour intensive sectors namely, readymade garments are long standing demands of the BCIC which has been finally addressed by the New Government, he further added.
Anuj Sharma, Senior Vice President, BCIC said: “The proposed amendments of three key labour laws -Apprentices Act 1961, The Labour Laws (exemption from furnishing returns and maintaining registers by certain establishments) Act, 1988 and the Factories Act 1948 will basically fast forward reforms to the archaic legislation which is considered a severe impediment to output growth and employment creation in the labour-intensive manufacturing sector.”
Thygau Valliappa, Vice President, BCIC said: “Given the fast changing economic dynamics the world over, the amendments is a very well strategized synergy to promote both labour welfare and industry-friendly reforms.” He further added that these proposals would really create a favourable climate for ease of doing business in the country and benefit employers-employees. He further added that reducing the number of days to 90 from 240 for eligibility of benefits will encourage more absenteeism which the industry is already confronting with.
In conclusion BCIC is of the view that these amendments will not only attract more investments into the manufacturing and labour intensive sectors but also help generate jobs which is the need of the hour considering the huge working population that the nation currently boosts. With the new Government having majority in the Parliament only one hopes that these proposed amendments will go through smoothly.