Industry mindset on handling workers needs to change, says FM

Finance Minister Nirmala Sitharamanon Wednesday said the mindset of the industry regarding handling of workers needs to change.

During an interaction with CII, she suggest the industry reset its relations with the workers and also asked them to engage with unskilled labour. She urged industry to plan for engaging labour with a more professional approach and engage in skilling.

"Mindsets in industry need to set examples in handling workers in a way that is acceptable to all," Sitharaman said.

Sitharaman also said that that the Union Government trusts industry fully and comprehensively.

The minister's interaction with the Confederation of Indian Industry (CII) came as it is marking 125 years of its existence. Felicitating CII on the milestone, Sitharaman said that CII has played a critical role in the country and its members have played strong roles in their own sectors.

The interaction had the participation of Finance Secretary Ajay Bhushan Pandey, Department of Economic Affairs' Secretary Tarun Bajaj, Chief Economic Adviser Krishnamurthy Subramanian, among others.

On a question regarding the MSME sector, Sitharaman stated that before Covid-19 as well, clear handholding was announced for MSME and NBFCs to help enterprises in rural areas. She stated that credit availability for additional term loan and working capital loan was intended to reach all MSMEs, and hence the government has provided a guarantee to banks to overcome hesitation in lending.

"When the government provides full and partial guarantees with a special purpose vehicle post-lockdown, the bank hesitation has been addressed," she said.

Responding to a question on agriculture, the Finance Minister mentioned that comprehensive reforms have been announced, and three model Acts have been shared with State governments. She stated that many states have commenced land reforms.

The National Infrastructure Pipeline will be given a big push in order to create demand with a multiplier effect, stressed the Finance Minister on a question related to infrastructure.

"Large projects will be frontloaded and this will bring in positive energy and sentiments," said Sitharaman.

( With inputs from IANS )