Home Breaking News Budget 2024: Prioritizing Business Ease and Worker Welfare

Budget 2024: Prioritizing Business Ease and Worker Welfare

by Mohammad Naseemaa
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Budget 2024, Indian economy, ease of doing business, labour welfare index, Nirmala Sitharaman budget speech, business reforms India, labour law reforms, Jan Vishwas Bill, economic growth India, government initiatives economy

The coming Union Budget 2024 will include major initiatives to make simpler to do company in India whereas additionally enhancing the welfare of employees. A key responsibility is the launch of a new “Labour Welfare and Employment Index” (LWEI). This index will evaluate and rank contends and territories of the union based on hiring rates, labor welfare programs, Medicare and Medicaid coverage, and efficiency.

the LWEI aims to encourage fair rivalry between states while also ensuring consistent implementation of labor laws across the country. The move is expected to streamline company operations while creating a conducive environment for investment across regions.

Finance Minister Nirmala Sitharaman is expected to unveil details of the LWEI during her budget speech scheduled for the fourth week of July. This initiative aligns with international standards such as the labour rights index, which evaluates labour regulations in various countries.

In recent years, the Indian government has simplified the regulatory landscape for businesses by consolidating 44 labour laws into four comprehensive codes: the Code on Social Security 2020, Occupational Safety, Health and Working Conditions Code 2020, Industrial Relations Code 2020, and Code on Wages 2019. These reforms aimed to reduce compliance burdens and foster a more business-friendly environment.

the Union Budget aims to enhance the ease of doing business by decriminalizing over 100 provisions across multiple laws, including the Income Tax Act. As reported by Moneycontrol, the revised Jan Vishwas Bill will replace criminal penalties with monetary fines for minor offenses. This change is expected to expedite judicial processes and relieve courts dealing with minor cases. Overall, Budget 2024 underscores the government’s commitment to economic reforms that support entrepreneurship, simplify compliance, and improve worker welfare. These initiatives are designed to facilitate sustainable growth and development across India.

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