
Centre, states need to pursue labour law reforms to spur investments, job creations: SBI report
FirstpostNew Delhi: The Centre and state governments need to pursue labour law reforms as these are necessary for improving investment and generating employment, said SBI in its research report ‘Ecowrap’ on Thursday. Observing that initiatives taken towards labour law reforms till date are “miniscule”, the report said that in an economy like India, which has a large workforce, it is important to improve employment and employability, streamline labour issues and develop adequate means to absorb the labour in the economy. Making a case for labour law reforms, the report said the investors look out for stability and sustainability. Stressing the importance of labour law reforms, it said that according to the latest comparable figures available with the International Labour Organization, the man-days lost in India were staggering 23.34 lakh as compared with 1.7 lakh in the UK and 7.4 lakh in the US with Russia at a low of only 10,000.
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