Investment in manufacturing needed: Chidambaram

Last Updated: Thu, Jan 03, 2013 15:00 hrs

New Delhi, Jan 3 (IANS) Finance Minister P. Chidambaram Thursday said investment in manufacturing and services sectors needed to be revived for creating jobs and accelerating economic growth.

Addressing representatives of central trade unions as part of the pre-budget consultation, he said the policy reforms carried out by the government in the last few months seemed to have improved investment sentiments in public as well as private sectors.

Chidambaram said trade unions could play an important role in reviving the manufacturing sector which in turn can lead to creation of more job opportunities in the sector, according to an official statement released after the meeting.

Representatives of 12 central trade unions including Bhartiya Mazdoor Sangh, Indian Trade Union Congress, All India Trade Union Congress, Hind Mazdoor Sabha, Centre of India Trade Unions, All India United Trade Union Centre, Trade Union Coordination Centre, All India Central Council of Trade Union, United Trade Union Congress, Labour Progressive Federation, Self Employed Women's Association, and National Front of Indian Trade Unions participated in the meeting.

All the trade unions, except National Front of Indian Trade Unions, gave a joint memorandum to the finance minister for consideration of their proposals in the 2013-14 budget.

The main proposals included in the memorandum include banning speculative forward trading in commodities, higher budget allocation in the Plan and Non-Plan provisions to create more jobs and guarantee consistent income to the people, minimum wage be guaranteed to all workers as per the recommendations of the 15th Indian Labour Conference and special allocation for creation of a Welfare Fund for protecting the interest of unorganised workers, including agriculture workers.

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