Emphasising the need to educate trade union leaders and legislators about the importance of labour reforms, Union Minister for law, justice and company affairs, Arun Jaitley, on Monday said the reforms would result in generation and better distribution of wealth in future.
Addressing a seminar on Labour law reforms and cost competitiveness of Indian industries, here, Jaitley said "political parties and trade union leaders oppose the reforms to keep their political base intact. This may ensure political gains but will lead to closure of industries and increasing unemployment in the long run".
Reforms in labour laws should concentrate on rewarding efficiency, he said, adding, "unless we cut down cost and enhance quality, Indian industries cannot survive in the global market".
Advocating changes in the Contract Labour Act, Industrial Disputes Act and Payment of Wages Act, Jaitley said this would help the industries.
Two bills namely Competition Bill and Amendment to the Company's Act, seeking new provisions regarding insolvency were under consideration of the Standing Committee of the Parliament, he added.
Bureau Report
