The Economic Times
12,139.2583.45
Stock Analysis, IPO, Mutual Funds, Bonds & More

Labour reforms resulted in higher salaries in FY18: Finmin

Compared with 2011-12, FY18 also saw 5% of the country’s agricultural workforce moving to services and industry. This resulted in 2% of the country’s workforce moving from the unorganised to the organised sector.

ET Bureau|
Last Updated: Dec 14, 2019, 07.40 AM IST|Original: Dec 14, 2019, 07.40 AM IST
0Comments
Getty Images
labour
NEW DELHI: The finance ministry on Friday said labour reforms have resulted in higher salaries for workers and that in 2017-18, 23 million employees moved from the category of casual worker to that of regular salaried.

Compared with 2011-12, FY18 also saw 5% of the country’s agricultural workforce moving to services and industry. This resulted in 2% of the country’s workforce moving from the unorganised to the organised sector.

The unorganised sector accounts for 83% of total workforce of about 500 million.

In a presentation to the media, chief economic advisor Krishnamurthy Subramanian said the proportion of casual workers in the country has come down to 25% from 30% and that there is a corresponding increase in the regular salaried class—up from 18% in 2011-12 to 23% in 2017-18.

“Drop in casual labour is driven by rural workers with a shift towards salaried and self-employed workforce,” Subramanian said in his presentation which focussed on the steps taken by the government to pull the economy out from a sixyear low growth of 4.5% in the second quarter.

Also Read

Industry chiefs seek faster approvals, labour reforms in meeting with CM

Modi’s labour reform push may remove key hurdle for investors

India should focus on structural reforms, bank clean-up and labour reforms: IMF Chief Economist Gita Gopinath

What to expect next from FM? Market honchos say land & labour reforms

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service