Skill development to be given priority, says Jaitley

Tags: News
Finance Minister Arun Jaitley today said the government will stress on skill development so that a trained workforce can galvanise the economy, even as trade unions urged him not allow FDI in defence, railways and retail.

"Skill development will be given priority so that more and more trained workers enter the economy," according to an official statement after Jaitley met representatives of central trade unions.

Jaitley said the government would give "due consideration" to the 10-point joint charter of demands submitted by the unions during the pre-budget meeting.

This was Jaitley's third pre-budget consultation following meetings yesterday with representatives from the agriculture and social sectors.

Minister of State for Finance Nirmala Sitharaman and senior officials of the Ministry of Finance and the Ministry of Labour and Employment were present at the meeting.

Representatives of the Bharatiya Mazdoor Sangh, Indian National Trade Union Congress, All India Trade Union Congress and Centre of Indian Trade Unions (CITU), among others, participated in the meeting.

In their charter, the unions said that "FDI should not be allowed in crucial sectors like defence production, telecommunications, railways, financial sector, retail trade, education, health and media."

Their other demands include strengthening and expansion of public sector units and a halt to disinvestment of profit making state-owned enterprises.

CITU's General Secretary Tapan Sen said that to contain rising prices, futures trading and speculation in the commodity markets should be banned.

The unions also want proper allocation of funds for the 7th Pay Commission, raising the income tax exemption ceiling for the salaried class to Rs 5 lakh and 'massive' investment in infrastructure to stimulate the economy for job creation.

The trade unions also sought post-budget meetings with the finance ministry, they said in a statement.

EDITORIAL OF THE DAY

  • HDFC Bank has triggered market competition by lowering base rate

    Even nine months after the Reserve Bank of India (RBI) changed its monetary stance and started reducing key policy rates, both public and private sect

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Roopen Roy

Startups to bring change for good

It is a widely held belief that our new generation ...

Rajgopal Nidamboor

The quest for the greater self

All of us have our own outlook, or view, of ...

Dharmendra Khandal

Elephants are killed for those ivory bangles

Wildlife lovers always curse China for making products out of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture