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Hindustan Times
17-05-2025
- Business
- Hindustan Times
Yogi Adityanath directs Uttar Pradesh officials to simplify labour laws
Chief minister Yogi Adityanath on Friday directed officials to simplify labour laws to make it easier for industries to operate while also ensuring that workers are not exploited or treated unfairly. The state's industrial growth is possible only when labour laws are balanced from the industry and workers' perspectives, he said, chairing a review meeting of the labour and employment department. Workers and industrialists complement each other and are not rivals, he noted. Shutting down industries won't generate jobs, instead, expanding them is the key to creating more employment opportunities, he said. Yogi Adityanath stressed on the importance of providing fair wages and insurance coverage to workers so that they and their families are protected in case of an accident. He also said the state government is committed to protecting workers' rights while also promoting Uttar Pradesh as the most worker-friendly and industry-supportive state in the country. The chief minister emphasised the need to rehabilitate child labourers not just by giving them basic livelihood, but connecting them with schemes like the Mukhyamantri Bal Seva Yojana and other sponsored programmes. He said this is not just a social responsibility but also a step towards securing the future of the next generation, according to a government spokesperson. DEVELOP 'LABOUR ADDAS' He further directed that 'labour addas' be developed as model centres equipped with facilities such as dormitories, toilets, drinking water, canteens, and training centres. He said that workers should be able to get tea, snacks, and meals for just ₹5 to ₹10 at these canteens. He instructed officials to conduct skill mapping of unorganised sector workers and implement a system to ensure minimum wages for them. He said this would be a major step toward transforming the unorganised workforce into an organised labour force. For construction workers going abroad for jobs, the chief minister said they should receive technical training as well as language training specific to the destination country, which is essential for their efficiency and safety. The chief minister asked officials to monitor and ensure the quality of Atal Residential Schools, which have emerged as a model across the country. He further informed that out of 5,97,625 applications received on the Nivesh Mitra Portal, 5,90,881 have already been granted NOC. The remaining applications should be resolved in a timely and transparent manner, he said. From independence till 2016, a total of 13,809 factories were registered in the state, officials briefed the chief minister. In the last nine years alone, 13,644 new factories have been registered — a 99% increase, the officials further said. Officials also said that the state labour department has been recognised as an 'Achiever State' for successfully implementing the Central government BRAP (Business Reform Action Plan) recommendations.
Time of India
22-04-2025
- Business
- Time of India
Sustaining India's growth requires bold reforms, Budgets have laid groundwork for this transformation: FM Sitharaman
Photo: X India's long term growth over the next two decades will rely on a new approach, rooted in bold reforms, better domestic capabilities, and strategic institutional partnerships designed for the growing global landscape, finance minister Nirmala Sitharaman has said at Stanford University California. FM Sitharaman highlighted the various projects undertaken by the Indian government in the last couple of years which has helped in the creation of a strong foundation for a manufacturing-oriented growth in the nation. She also spoke about the strength of the US in the field of start-ups. This has been enabled by a more than four-fold increase in the union government's capital expenditure between 2017-18 and the 2025-26 Budget, she said in reference to India's growing economy. "Our experience with implementing the Business Reform Action Plan by different state governments has demonstrated that deregulation is a powerful catalyst for industrial growth," Sitharaman said. Over the past decade, the government has implemented wide-ranging structural reforms, including the rationalisation of over 20,000 compliance requirements, decriminalisation of business laws, and the digitisation of public services—all aimed at reducing friction for businesses, she said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo She noted that India's progress, despite global disruptions such as the pandemic and banking crises, reflects its sound macroeconomic fundamentals and ongoing reform momentum. This has helped India ascend from being the world's tenth-largest economy to the fifth-largest. India's ambition to become a developed nation by 2047, marking 100 years of independence, is not just an aspiration—it is a collective national mission, she said. Quoting a report by Indiaspora and BCG, Sitharaman said that Indian first-generation immigrants founded 72 unicorns between 2018 and 2023, with a collective valuation of USD 195 billion and a workforce of nearly 55,000. She also noted the significant presence of Global Capability Centres (GCCs) in India—over 65% of which are headquartered in the United States—offering advanced services in R&D, management consulting, and auditing. India's achievements in building Digital Public Infrastructure (DPI) have also drawn global praise. Over a billion digital identities have been created, enabling streamlined access to financial services and swift government relief disbursals during the pandemic. "DPI also was useful in administering vaccines during Covid-19 pandemic. In my interactions with the G20, the World Bank or the IMF, this singular population-scale achievement of India is repeatedly lauded," she said. Sitharaman emphasized the importance of small and medium enterprises (SMEs) to India's manufacturing ecosystem. To support SMEs, the government has rolled out several initiatives—including easier credit access, updated classification norms, quicker payments from large buyers, and reduced compliance burdens. The Open Network for Digital Commerce, launched in April 2022, has onboarded over 764,000 vendors across 616 cities. The next focus, she said, will be on reducing regulatory friction, digitising approval processes, and integrating MSMEs into global value chains—with a special effort on empowering women-led and rural enterprises. On women's economic participation, Sitharaman highlighted several initiatives that were undertaken- extended maternity leave to six months, higher interest rates on women's bank deposits (7.5%), tax concessions for property registered in women's names, and nutritional support for mothers through the Poshan Scheme. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
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Business Standard
22-04-2025
- Business
- Business Standard
Bold reforms, capacity boosts key to India's growth in next two decades: FM
India's quest for sustained growth over the next two decades hinges on a new paradigm, driven by bold reforms, enhanced domestic capabilities, and strategic institutional collaborations suited for the evolving global landscape, Finance Minister Nirmala Sitharaman said on Monday. The last two Union Budgets have laid the groundwork for this transformation, with a clear multi-sectoral policy agenda, she said, while speaking at Hoover Institution at Stanford University California. In the last decade, she said the government has undertaken structural reforms, rationalising over 20,000 compliances, decriminalising business laws and digitising public services to reduce friction. She further said a significant thrust on infrastructure development has also created a strong foundation for manufacturing-led growth by bolstering investor confidence over the last 10 years. This has been enabled by a more than four-fold increase in the union government's capital expenditure between 2017-18 and the 2025-26 Budget, she said. "Our experience with implementing the Business Reform Action Plan by different state governments has demonstrated that deregulation is a powerful catalyst for industrial growth," she said. Going forward, the Finance Minister said, sustaining India's growth momentum calls for a fresh approach of bold reforms, adaptive strategies in line with changing global landscape. "Over the next two decades, sustaining India's growth momentum calls for a fresh approach grounded in bold reforms, stronger domestic capacities, renewed institutional partnerships and adaptive strategies suited for the evolving global landscape," she said. India has set a goal to become a developed nation by 2047, the year when the country would enter the 100th year of its independence from British rule. "As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter," she said. India's journey to become a 'Viksit Bharat' by 2047 is not merely an aspiration but a shared national mission powered by a vision for inclusive, sustainable, and innovation-led growth, she said. Despite the pandemic shock and a banking crisis, she said, "our progress over the past decade, anchored in strong macroeconomic fundamentals and steady reforms, gives us confidence and direction for the road ahead." As a result, she said, India has risen from the world's tenth-largest economy to the fifth-largest. Quoting a report by Indiaspora and BCG, she said, Indian first-generation immigrants founded 72 unicorns between 2018 and 2023 and these unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people. More than 65 per cent of Global Capability Centres (GCC) in India have their headquarters in the US, she said, adding, these GCCs provide high-value-added, bespoke services in areas such as R&D, management consulting and auditing. Observing that the US is a mature start-up hub which has developed over 50-60 years, while India's start-up journey is a nascent one, she said, "over the course of the last decade, the government's focus was on reducing the cost of entrepreneurial risk-taking by removing regulatory and infrastructural barriers." Some of the works done in India stand out and one such example is that of Digital Public Infrastructure (DPI) and its success, she said. More than a billion digital identities have been created using DPI, she said, adding, using these digital identities bank accounts of people were created and during Covid-19 pandemic, money was transferred by the government in a click of a button. "DPI also was useful in administering vaccines during Covid-19 pandemic. In my interactions with the G20, the World Bank or the IMF, this singular population-scale achievement of India is repeatedly lauded," she said. Speaking about the government's thrust on small and medium business, Sitharaman said, a vibrant and thriving network of small and medium enterprises is essential for domestic manufacturing growth. The government has undertaken numerous initiatives to support MSMEs, from easing access to credit, redefining size thresholds, facilitating prompt payments from large buyers and simplifying compliance burdens, she said. "The Open Network for Digital Commerce, launched in April 2022, has successfully onboarded more than 764,000 vendors across 616 cities. "Our next focus is reducing regulatory frictions, digitising approvals, and integrating MSMEs into global value chains. Special support to women-led and rural enterprises will help enhance economic opportunities and ensure more inclusive growth," she said. With regard to encouraging and increasing participation of women in labour forces, Sitharaman said, maternity leave has been increased to six months. "Two years ago, we came up with a scheme where we increased interest rates on deposits made by women to 7.5 per cent to encourage women to keep their savings in banks rather than keeping that as cash at home, she said, adding that property registration in the name of women has tax concessions. Under the Poshan Scheme, she said, the nutritional needs of pregnant women and lactating mothers are being met. Under PM Awas Yojana, registration of 'pucca' houses is done either in the name of a woman or jointly with that of a male member, she added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Print
22-04-2025
- Business
- The Print
Bold reforms, enhanced capacities key to India's growth story over next two decades: FM
In the last decade, she said the government has undertaken structural reforms, rationalising over 20,000 compliances, decriminalising business laws and digitising public services to reduce friction. The last two Union Budgets have laid the groundwork for this transformation, with a clear multi-sectoral policy agenda, she said, while speaking at Hoover Institution at Stanford University California. San Francisco, Apr 22 (PTI) India's quest for sustained growth over the next two decades hinges on a new paradigm, driven by bold reforms, enhanced domestic capabilities, and strategic institutional collaborations suited for the evolving global landscape, Finance Minister Nirmala Sitharaman said on Monday. She further said a significant thrust on infrastructure development has also created a strong foundation for manufacturing-led growth by bolstering investor confidence over the last 10 years. This has been enabled by a more than four-fold increase in the union government's capital expenditure between 2017-18 and the 2025-26 Budget, she said. 'Our experience with implementing the Business Reform Action Plan by different state governments has demonstrated that deregulation is a powerful catalyst for industrial growth,' she said. Going forward, the Finance Minister said, sustaining India's growth momentum calls for a fresh approach of bold reforms, adaptive strategies in line with changing global landscape. 'Over the next two decades, sustaining India's growth momentum calls for a fresh approach grounded in bold reforms, stronger domestic capacities, renewed institutional partnerships and adaptive strategies suited for the evolving global landscape,' she said. India has set a goal to become a developed nation by 2047, the year when the country would enter the 100th year of its independence from British rule. 'As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter,' she said. India's journey to become a 'Viksit Bharat' by 2047 is not merely an aspiration but a shared national mission powered by a vision for inclusive, sustainable, and innovation-led growth, she said. Despite the pandemic shock and a banking crisis, she said, 'our progress over the past decade, anchored in strong macroeconomic fundamentals and steady reforms, gives us confidence and direction for the road ahead.' As a result, she said, India has risen from the world's tenth-largest economy to the fifth-largest. Quoting a report by Indiaspora and BCG, she said, Indian first-generation immigrants founded 72 unicorns between 2018 and 2023 and these unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people. More than 65 per cent of Global Capability Centres (GCC) in India have their headquarters in the US, she said, adding, these GCCs provide high-value-added, bespoke services in areas such as R&D, management consulting and auditing. Observing that the US is a mature start-up hub which has developed over 50-60 years, while India's start-up journey is a nascent one, she said, 'over the course of the last decade, the government's focus was on reducing the cost of entrepreneurial risk-taking by removing regulatory and infrastructural barriers.' Some of the works done in India stand out and one such example is that of Digital Public Infrastructure (DPI) and its success, she said. More than a billion digital identities have been created using DPI, she said, adding, using these digital identities bank accounts of people were created and during Covid-19 pandemic, money was transferred by the government in a click of a button. 'DPI also was useful in administering vaccines during Covid-19 pandemic. In my interactions with the G20, the World Bank or the IMF, this singular population-scale achievement of India is repeatedly lauded,' she said. Speaking about the government's thrust on small and medium business, Sitharaman said, a vibrant and thriving network of small and medium enterprises is essential for domestic manufacturing growth. The government has undertaken numerous initiatives to support MSMEs, from easing access to credit, redefining size thresholds, facilitating prompt payments from large buyers and simplifying compliance burdens, she said. 'The Open Network for Digital Commerce, launched in April 2022, has successfully onboarded more than 764,000 vendors across 616 cities. 'Our next focus is reducing regulatory frictions, digitising approvals, and integrating MSMEs into global value chains. Special support to women-led and rural enterprises will help enhance economic opportunities and ensure more inclusive growth,' she said. With regard to encouraging and increasing participation of women in labour forces, Sitharaman said, maternity leave has been increased to six months. 'Two years ago, we came up with a scheme where we increased interest rates on deposits made by women to 7.5 per cent to encourage women to keep their savings in banks rather than keeping that as cash at home, she said, adding that property registration in the name of women has tax concessions. Under the Poshan Scheme, she said, the nutritional needs of pregnant women and lactating mothers are being met. Under PM Awas Yojana, registration of 'pucca' houses is done either in the name of a woman or jointly with that of a male member, she added. PTI DP DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Hindu
22-04-2025
- Business
- The Hindu
India's growth story over next two decades hinges on bold reforms, says FM Nirmala Sitharaman
India's quest for sustained growth over the next two decades hinges on a new paradigm, driven by bold reforms, enhanced domestic capabilities, and strategic institutional collaborations suited for the evolving global landscape, Finance Minister Nirmala Sitharaman said on Monday (April 21, 2025). The last two Union Budgets have laid the groundwork for this transformation, with a clear multi-sectoral policy agenda, she said, while speaking at Hoover Institution at Stanford University in California. In the last decade, she said the government has undertaken structural reforms, rationalising over 20,000 compliances, decriminalising business laws and digitising public services to reduce friction. She further said a significant thrust on infrastructure development has also created a strong foundation for manufacturing-led growth by bolstering investor confidence over the last 10 years. This has been enabled by a more than four-fold increase in the union government's capital expenditure between 2017-18 and the 2025-26 Budget, she said. "Our experience with implementing the Business Reform Action Plan by different state governments has demonstrated that deregulation is a powerful catalyst for industrial growth," she said. Going forward, the Finance Minister said, sustaining India's growth momentum calls for a fresh approach of bold reforms, adaptive strategies in line with changing global landscape. "Over the next two decades, sustaining India's growth momentum calls for a fresh approach grounded in bold reforms, stronger domestic capacities, renewed institutional partnerships and adaptive strategies suited for the evolving global landscape," she said. India has set a goal to become a developed nation by 2047, the year when the country would enter the 100th year of its independence from British rule. "As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter," she said. India's journey to become a 'Viksit Bharat' by 2047 is not merely an aspiration but a shared national mission powered by a vision for inclusive, sustainable, and innovation-led growth, she said. Despite the pandemic shock and a banking crisis, she said, "our progress over the past decade, anchored in strong macroeconomic fundamentals and steady reforms, gives us confidence and direction for the road ahead." As a result, she said, India has risen from the world's tenth-largest economy to the fifth-largest. Quoting a report by Indiaspora and BCG, she said, Indian first-generation immigrants founded 72 unicorns between 2018 and 2023 and these unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people. More than 65 per cent of Global Capability Centres (GCC) in India have their headquarters in the US, she said, adding, these GCCs provide high-value-added, bespoke services in areas such as R&D, management consulting and auditing. Observing that the US is a mature start-up hub which has developed over 50-60 years, while India's start-up journey is a nascent one, she said, "over the course of the last decade, the government's focus was on reducing the cost of entrepreneurial risk-taking by removing regulatory and infrastructural barriers." Some of the works done in India stand out and one such example is that of Digital Public Infrastructure (DPI) and its success, she said. More than a billion digital identities have been created using DPI, she said, adding, using these digital identities bank accounts of people were created and during Covid-19 pandemic, money was transferred by the government in a click of a button. "DPI also was useful in administering vaccines during Covid-19 pandemic. In my interactions with the G20, the World Bank or the IMF, this singular population-scale achievement of India is repeatedly lauded," she said. Speaking about the government's thrust on small and medium business, Ms. Sitharaman said, a vibrant and thriving network of small and medium enterprises is essential for domestic manufacturing growth. The government has undertaken numerous initiatives to support MSMEs, from easing access to credit, redefining size thresholds, facilitating prompt payments from large buyers and simplifying compliance burdens, she said. "The Open Network for Digital Commerce, launched in April 2022, has successfully onboarded more than 764,000 vendors across 616 cities. "Our next focus is reducing regulatory frictions, digitising approvals, and integrating MSMEs into global value chains. Special support to women-led and rural enterprises will help enhance economic opportunities and ensure more inclusive growth," she said. With regard to encouraging and increasing participation of women in labour forces, Ms. itharaman said, maternity leave has been increased to six months. "Two years ago, we came up with a scheme where we increased interest rates on deposits made by women to 7.5 per cent to encourage women to keep their savings in banks rather than keeping that as cash at home, she said, adding that property registration in the name of women has tax concessions. Under the Poshan Scheme, she said, the nutritional needs of pregnant women and lactating mothers are being met. Under PM Awas Yojana, registration of 'pucca' houses is done either in the name of a woman or jointly with that of a male member, she added.
