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Saturday, Aug 17, 2019

Labour reforms must be bolder than revoking Article 370, says former RBI deputy governor

Responding to the revocation of Article 370 and previous bold moves like demonetisation, RBI’s former deputy governor Rakesh Mohan said, “Bold labour reforms are long overdue in our country. The government must take bold decision.”

pune Updated: Aug 14, 2019 16:42 IST
HT Correspondent
HT Correspondent
Hindustan Times, Pune
Rakesh Mohan, former deputy governor, RBI
Rakesh Mohan, former deputy governor, RBI(Sanket Wankhade/HT PHOTO)

If the central government can take bold and courageous decisions like demonetisation and revoking of Article 370, then why can’t it take an equally bold decision on labour reforms - the need of the hour?” asked Rakesh Mohan, former deputy governor, Reserve Bank of India (RBI).

Speaking at a programme organised by the Pune International Centre (PIC), a city-based think-tank, Mohan offered his views on the topic, ‘Moving India to a New Growth Trajectory’, focusing strongly on the need for labour reform.

Mohan said, “Bold labour reforms are long overdue in our country. The government must take bold decision. Besides, a major focus on reviving the manufacturing industry in the country is a must. For higher growth, the manufacturing industry needs to grow at a rate of 10 per cent, something which our country has never achieved.” 

According to Ram, Niti Aayog must be technically strengthened and re-organised so that it can frame long-term integrated programmes of investment and management in key sectors; and can also co-ordinate between ministries and states. 

He said, “Niti Aayog can fulfill these functions, only if it has fund allocation powers and earns respect commensurate with its strengthened technical capacity.” 

Ram stressed the need to develop an efficient transport system in the country. 

He said, “For higher growth, efficient transport systems are indispensable, with transport cost at a bare minimum. Also, the government must focus on developing highways, railways and ports in the country.” 

Offices of transport strategies at central and state level needs to be established to support this development, added Ram.

First Published: Aug 13, 2019 15:57 IST

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