With his "MAKE IN INDIA" movement, Mr. Narendra Modi the most promising Prime Minister of India injected a new life to the slow moving manufacturing sector of the country. While many critics chose to ignore the campaign as just a political agenda, Mr. Modi has taken a step forward as promised and introduced key labour reforms for the nation.
Mr.Narendra Modi's dream of making India a manufacturing hub of the best breed seems to be getting to life with his latest labour reform announcement. Currently the manufacturing sector of the country contributes a mere 15% to its GDP; Modi's vision is to take this number to at least 25%.
It is noteworthy that the current Indian labour laws date back to the British era and are in desperate need of a revamp. The "MAKE IN INDIA" movement also envisions cleaning off red-tapism and developing infrastructure across the nation, while providing ease to business and supplementary activities remain its prime focus.
The new reform will lead to employees having easy and secure access to their respective savings with the government; this will mean that an Employee will now have the freedom to check his balances like PF and the likes anytime. This scheme introduced by the honorable PM of India will lead to accountable Labour Inspection Scheme and introduction of Universal Account Number for EPF members. This is a big step in changing the perception of the people of the country towards labourers and workers who deserve equal respect and facilities as any other person or even more.
As a part of this scheme bulk SMS will also be sent across the country to all members holding various savings accounts with the government and the inspectors who will transcend the reform to a reality. A single Labour Identification Number leading to harmonized labour inspections and better understanding of the official processes involved is also a part of this game changing reform.
This overhaul of the Indian labour laws will definitely bring about a huge change in the manufacturing sector , and it is only to wait and watch what results it exactly yields.