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Pre-Budget Consultations
The government has begun pre-Budget consultations for 2012-13 with stake holders. At the meeting with trade union groups, the Union Minister for Finance, Mr Pranab Mukherjee while seeking inputs from trade union groups stated that food inflation has come down and the annual rate of inflation (year on year) for December 2011 has declined to 7.47% as against 9.11 % in November 2011 and 9.45% in December 2010.
The trade union leaders suggested that the government must work towards ensuring that wages of contract labour should be at par with that of regular labour. They said that necessary changes should be carried out in the Company laws to ensure that workers take part in net profit sharing. In another pre-Budget meeting the representatives of a large number of social sector related groups gave numerous suggestions largely focusing on the need to address issues of malnutrition, skill development, infrastructure, higher investment on health, education, sanitation, housing and renewable energy among others. The government holds this annual exercise of seeking suggestions from all sections of stake holders including industry and economists before preparing and presenting the Union Budget.
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Nepal to Fast Track Indian Projects
Nepal has assured India of quick resolution of issues pertaining to Indian investment in Nepal. The Industry Minister of Nepal Mr Anil Jha in his meeting with Mr Anand Sharma, Minister of Commerce Industry and Textiles singled out Karnali and Arun power projects for fast-track clearances, reports said.
Mr Anand Sharma said that “this move on the part of Nepal will send a very positive signal for deepening of economic relations and boosting investor confidence.” Indian firms are the biggest investors in Nepal accounting for about 47.5% of total approved foreign direct investments. There are about 150 operating Indian ventures in Nepal engaged in manufacturing, services (banking, insurance, dry port, education and telecom), power sector and tourism industries, reports said.
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Priority For Skill Development
The Prime Ministers Council for Skill Development has decided to give skill development a major push in the year 2012-13 and during the 12th Five Year Plan (2012-2017).
It was decided to increase the skill development targets so as to upscale the skill development initiative in a transformational way. It was agreed that the Central Government ministries will focus on skill development of minorities, backward classes, scheduled caste and tribes, people with disabilities and women, reports said. It also agreed that National Skill Development Council will set up Sector Skill Councils, which will urgently prepare the standards required for skill training programmes in consultation with the industry.
References: Hindustan Times, Times of India, The Hindu, Economic Times, Business Standard, Business line, India Today.