Budget 2016: Bosch Urges Government for Labour Reforms
The 2016-17 Union Budget will be announced on February 29 and Bosch Ltd has insisted the central government to announce new policies on labour reforms to boost India's effectiveness in the manufacturing sector.
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Soumitra Bhattarcharya, Joint Managing Director, Bosch Ltd said "Labour reforms is one of the key factors which will enable multinational companies to set manufacturing activities in India on a large scale. We look forward to some practical reforms that will help in productivity improvement. The government has made a very good start last year in fiscal deficit, infrastructure project and more can be rolled out this year. We expect the new budget to further complement and drive these initiatives as well as bring in new policies to bolster India's competitiveness in the manufacturing sector”.
“We are optimistic, the Union Budget 2016 will focus on: roll-out of Goods and Service Tax, infrastructure improvement, labor reforms and reduction in corporate tax among others," Bhattacharya added.
Along with new policies, Bosch Ltd has also asked the government support in order to achieve 200 billion dollar turnover as defined in the Automotive Mission Plan 2026
Bosch Ltd has been facing issues related to labour in the last few years. In April 2015, the company’s Jaipur plant had to declare a lockout due to labour disputes. The same plant was also shut in March by the labour union for a day due to issues regarding wage settlement. A similar scenario regarding wage settlement took place in the company’s Bengaluru plant in 2014 which affected the output for more than 3 months.
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