The NDA government will be following the footsteps of its predecessor, the UPA, which had introduced the concept of "loan mela" to boost credit by directing banks to lend to people through public meetings.
In the latest draft of the Code on Social Security Bill, 2019, the government has decided to stick to the current thresholds for providing social security benefits to workers by industry.
The government is set to ask PSBs to expeditiously introduce repo-rate linked products "to step up affordable credit".
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
The Bill states a worker will be paid twice his or her wage if he or she is allowed to work overtime. A majority of workers in India worked more than 48 hours in a week, which is higher than the International Labour Organisation's prescribed time-limit.
Though the Railways is yet to declare any five-year action plan, it is clear the government is not in a position to hand-hold it for any major expansion or upgrade. The issue, however, is how far the Railways can function within the PPP format. Recent history highlights some of the challenges.
Garg had refused to sign on the report finalised by the former Reserve Bank of India governor Bimal Jalan-led committee reviewing the central bank's economic capital framework (ECF).
Single registration will be coupled with single licence, along with a single return, for executing projects for five years.
Under the New Code on Wages Bill 2019, employers will be required to give the minimum wages, notified by either the state or the Centre, to the unorganised sector, too.
Government suspects that many of these bank accounts were used to launder money, especially after the demonetisation in November 2016.
More than half of the total subsidy provisioning, amounting to 54 per cent, is going towards food subsidy, which is estimated at Rs 184,220 crore for 2019-20 - a 7.5 per cent increase over the revised estimates for 2018-19.
The aim of the programme is to increase the water table in the stressed areas through dams, ponds, and afforestation. According to a NITI Aayog study, by 2030, the country's water demand is projected to be twice the available supply, implying severe water scarcity for hundreds of millions of people and an eventual 6 per cent loss in the country's GDP.
After assuming power in 2014 with a full majority of its own, the BJP-led NDA government started an ambitious process of reforming labour laws in the form of codes aimed at making the framework less cumbersome with a variety of alterations. It had planned four codes each for industrial relations, wages, social security and welfare, and occupational safety, health and working conditions. To this end, 35 central labour laws were to be converted into four codes that would have had the virtue of streamlining labour relations. But none of the proposed code Bills could be converted into a law principally because neither trade unions nor industry representatives came on board. They hold the key to India's low-growth-high unemployment paradigm but the government may struggle to push them through this time as well. Somesh Jha explains why
'If there is a technical issue and the borrowers can resolve it within 30 days, you don't have to go through the bankruptcy court.' 'If the borrower is expecting a large disbursal of a facility or expecting a payment or receivables, in such cases it becomes practical to give a window for taking care of such circumstances. 'If banks had aggregated the assets and benefited with a long relationship with borrowers and now when assets get into a trouble, it is incumbent on banks to find resolution and take responsibility.'
The scheme, which will be effective from July 1, 2019 would benefit 36 million employees and 1.28 million employers. The ESI Act applies to factories with 10 or more workers and provides for medical, cash, maternity, disability and dependent benefits to employees drawing a salary of up to Rs 21,000 per month.
'The plan is to secure nod of the Union Cabinet and other relevant regulatory approvals within the next three months,' a senior finance ministry official said, requesting anonymity.
Long-term funding was a requirement for infrastructure projects, and asset-liability mismatch in the banking system, impacts the access to finance for infrastructure projects. One of the key challenges would, however, be to get private sector back into investing.
'He has attacked our enemies in their own backyard.'
The problem of unemployment is spread across the economy.
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