Economic Survey 2018: Labour reforms, 15 mn new jobs, PM Modi’s treat ahead of Union Budget

By: | Updated: January 29, 2018 6:08 PM

Economic Survey 2018 for Jobs: Finance Miniter Arun Jaitley earlier in the day tabled the latest Economic Survey in Parliament. While talking about its key focus area in the medium term, it stated that Employment along with education and agriculture will be pivotal.

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Economic Survey 2018 for Jobs: Finance Miniter Arun Jaitley earlier in the day tabled the latest Economic Survey in Parliament. Several labour reform measures including legislative ones, are being implemented for the creation of employment opportunities and for providing sustainable livelihoods for the population who are largely engaged in the informal economy, says Economic Survey. While talking about its key focus area in the medium term, it stated that Employment along with education and agriculture will be pivotal. “Over the medium term, three areas of policy focus stand out: Employment – finding good jobs for the young and burgeoning workforce, especially for women; Education – creating an educated and healthy labour force; Agriculture -raising farm productivity while strengthening agricultural resilience,” it said.

The Economic Survey 2018 today revealed that the government is in the process of rationalizing 38 Central Labour Acts by framing relevant provisions of existing laws into 4 labour codes. These 4 labour codes include- Code on Wages, Code on Safety and Working Conditions, Code on Industrial Relations, and Code on Social Security and Welfare. It adds that while draft Code on Wages Bill 2017 has been introduced in Lok Sabha in August 2017 and referred to the Standing Committee on Labour for examination, the other three Codes are at the pre-legislative consultation stage. The codification of the labour laws is being done with the expectation of removing the multiplicity of definitions and authorities leading to ease of compliance without compromising wage security and social security to the workers.

Also read|Economic Survey 2017-18 India: How to download PDF latest edition volume I Volume II chapters

To maintain registers under the various Labour Laws/Rules, the Government has undertaken numerous technology-enabled transformative initiatives such as Shram Suvidha Portal, Ease of Compliance.

The government is also planning to introduce over 15 million jobs over the next five years. The Economic Survey today said that the real estate and construction sector will create over 15 million jobs over the next five years despite signs of stress in the segment in the last few quarters. It added that the next to agriculture, Real estate and construction together are the second largest employment provider in the country. The sector employed over 40 million workforces in 2013, and as per projections, it is slated to employ over 52 million workforces by 2017 and 67 million workforce by 2022.

According to the survey, nearly 90 per cent of the workforce employed in the real estate and construction sector are engaged in the construction of buildings, while the rest 10 per cent workforce is involved in building completion, finishing, electrical, plumbing, other installation services, demolition and site preparation. As per National Skill Development Council (NSDC), real estate and construction sector is expected to require over 66 million people by 2022.

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