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<br />In a move that will benefit millions of unskilled workers across the country, the current Indian government is about to make its first significant foray into <keyword id="954190" type="PERSON" weightage="20" keywordseo="labour-reform">labour reform</keyword>. On May 1st, the country’s minister of labour, Santosh Gangwar, told the Press Trust of India that a Parliamentary standing committee had finalised a policy draft of the <a href="http://www.prsindia.org/uploads/media/Code%20on%20Wages,%202017/Code%20on%20Wages,%202017.pdf">Wage Code Bill 2017</a>, and that the bill would be debated for passage in the next session of <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> commencing in July.<br /><br />The bill largely aims to set a <keyword id="562632" type="UNKNOWN" weightage="20" keywordseo="minimum-wage">minimum wage</keyword> for different geographical regions in India. It was introduced in the lower house of Parliament (Lok Sabha) in August last year before being referred to a standing committee- the second step in the process of a bill becoming an act. <br />Once the bill is implemented, a state government will not be allowed to set a minimum wage below the central government’s benchmark for that industry.<br /><strong><br />A combination of four laws</strong><br /><br />The bill updates and combines all four of India’s outdated minimum wage and remuneration laws- the 1936 Payment of Wages Act, 1936, the 1949 Minimum Wages Act, the 1965 Payment of Bonus Act, and the 1976 Equal Remuneration Act - into one <keyword id="2808767" type="PERSON" weightage="20" keywordseo="Labour-Code">labour code</keyword>. This will reduce overlap and contradictions and also make it easier for businesses to comply with the norms. <br /><br />The previous minimum wage acts only applied to “scheduled companies” with more than a 1000 employees, while the new bill applies to all workers across India in different sectors. The new bill also proposes the payment of wages to beneficiaries through electronic means, for the purpose of monitoring, and allows the central government to set a minimum overtime wage- which will be twice the normal minimum wage. <br /><br /><strong>No national benchmark</strong><br /><br />The government will not specify a set national minimum wage. In response to news reports that the national floor level minimum wage would be fixed at ₹18,000 per month, the labour ministry has said that the <a href="http://www.business-standard.com/article/news-ani/national-minimum-wage-will-vary-not-fixed-at-rs-18-000-month-centre-117090501042_1.html">minimum wage will vary across the country</a>. Furthermore, the minimum wage levels will be assessed and revised every five years by central and state governments. <br /><br />While one can’t help thinking that a national floor rate across the country would be easier to enforce, the government is taking into account the widely disparate costs of living in different states and the nature of work in different industries. For example, rent and food costs in urban areas in Maharashtra are a lot higher than they are in the Northeast, hence they will have a higher minimum wage. Or labour intensive industries like manufacturing will likely have a higher minimum wage than less arduous ones like hospitality. <br /><br /><strong>A few problems</strong><br /><br />There are a few weaknesses in the new bill, however. Firstly, it dilutes the Equal Remuneration Act of 1976 by taking out the clause preventing companies from discriminating against women when making <keyword id="6357342" type="UNKNOWN" weightage="20" keywordseo="Hiring">hiring</keyword> decisions, <a href="https://www.businessinsider.in/India-would-be-US550-billion-richer-if-it-just-increased-its-share-of-women-in-the-labor-force-by-10/articleshow/63974273.cms">which is definitely a problem </a>in today’s climate. <br /><br />Secondly, while the practice of having different minimum wage levels for different states and industries makes sense, it could lead to lobbying by large companies or resistance from states that aren’t ruled by the BJP. A number of industry leaders campaigned for lower GST rates while the rates were being set, and it isn’t hard to see that happening again here. <br /><br /><strong>Knock-on effects</strong><br /><br />Following the recent slowdown in India’s economy, India’s small businesses have been struggling to stay afloat. They have had to contend with demonetisation, the implementation of GST, a dearth of credit options and a hike in wages paid to employees might just force them to slow down their hiring. <br /><br />While actual minimum wage rates are yet to be determined, they will be higher than current wage rates, which could impact employment in the formal sector. Concurrently, as India struggles to create new jobs, higher minimum wages could serve to exacerbate the situation. A hike in minimum wages could compel companies to hire employees on a temporary basis or off the books- something that the new bill should seek to address. <br /><br />Companies could also pass on the higher labour costs to customers. It’s highly plausible that you might end up having to pay more for your food at a restaurant or for gadgets that were assembled in India. <br /><br />What is certain though, is that the government needs to supplement the minimum wage code with policies that enable the formalisation of the economy and make hiring-and-firing easier. This will allow the new bill to have its intended effect. <br />

India is revamping its minimum wage laws for the first time in 60 years

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div><p>Much of France has been brought to a standstill this week by protests, some violent, against President Francois Hollande's new labour reforms, which make it easier for employers to hire and fire staff.</p><p>Many French people see the reforms as a violation of fundamental worker's rights and the reforms were <a href="http://www.theguardian.com/world/2016/may/28/france-gripped-by-escalating-protests-over-labour-bill-police-woman-throw">controversially forced through parliament without a vote.</a></p><p>French people have taken to the streets to protest and blockaded key public services and infrastructure. Their actions have brought them into conflict with police, often provoking violent clashes.</p><p>See pictures of the chaos below:</p>

PICTURES: France is being brought to a stand still by mass protests against labour reforms

The Centre's three-pronged initiative of <keyword id="6569577" type="UNKNOWN" weightage="20" keywordseo="Skill-India">Skill India</keyword>, Make in India and Digital India will transform the employment scene of the country, says a Rajasthan Minister. <br /><br /> The <keyword id="710235" type="UNKNOWN" weightage="20" keywordseo="labour-reforms">labour reforms</keyword> brought out by the state government have been widely appreciated and were proving to be a game changer, Minister of State for Skill, Employment and <keyword id="107737" type="ORGANIZATION" weightage="20" keywordseo="Entrepreneurship">Entrepreneurship</keyword> Surender Pal Singh TT today said at the 9th edition of CII's Skills and HR Conclave here. <br /><br />

	The central government was also taking steps to implement a similar policy in labour reforms, he further said.
<br /><br />

	During the 'Resurgent Rajasthan' summit, 11 MoUs were signed with leading companies to improve the skill ecosystem in the state thereby enhancing employment opportunities for the unemployed youth, he added.
<br /><br /> Earlier, Rajasthan Minister for Social Justice &amp; Empowerment &amp; Minority Affairs <keyword id="172891" type="PERSON" weightage="20" keywordseo="Arun-Chaturvedi">Arun Chaturvedi</keyword> said there was a close link between education, a degree and finally a job. <br /><br />

	He recalled that during his student days, they had agitated for a degree being linked to employment.
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	Chaturvedi said it was unfortunate even today a large number of educated young men and women are unemployable because of not having a particular set of skills.
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	He urged organisations like the CII to join hands with the government to set up skill development centres for training the large young workforce of the state and the country.
<br /><br />

	Gaurav Goyal, Commissioner of Skills, Employment &amp; Entrepreneurship &amp; MD, Rajasthan Skills &amp; Livelihood Development Corporation (RSLDC), said the quality of school education in rural areas needed to be considerably improved since even class 5th students lacked the basic skills of language and arithmetic.
<br /><br />

	Four out of 5 engineers in India were unemployable, he said adding the apprenticeship reforms were required.
<br /><br />

	Group Chief HR Officer of Tractors &amp; Farm Equipment Muthukumar Thanu said the time has come when the women will have to work 24x7.
<br /><br />

	They have already empowered themselves through education and requisite skills and need to perform their jobs which will also bring about a social change.
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	Joint Managing Director &amp; Co-Founder of NIIT Limited, P Rajendran said that entrepreneurship is in the DNA of Rajasthani industrialists and businessmen.
<br /><br /> With the call made for <keyword id="3003094" type="UNKNOWN" weightage="20" keywordseo="Startup-India">Startup India</keyword>, new opportunities will come in the State for employment, he added.<br />
	<br />
	(Image credits: BCCL)

Skill development to transform employment possibilities: MoS Surender Pal Singh

<br />
<br /> <keyword id="2238662" type="UNKNOWN" weightage="100" keywordseo="PM-Modi">PM Modi</keyword>, whose regime completed two years of operations this month, has finally broken his silence on the criticism he received, for allegedly failing to pursue "big bang reforms" as promised. In an interview to the Wall Street Journal, he has said that his government made sure that "India was not standing in a corner". <br />
 <br />
Modi added that his government had undertaken the maximum reforms, while also saying that there is a lot more that is to be done in the future. <br />
 <br />
He further supported his government’s efforts by saying that the changes that have been put in place would have been regarded as difficult to implement by previous governments. <br />
 <br />
Talking about his reluctance to sell PSUs, which are a big issue of debate for his government, he said that, "In any developing country in the world, both public and private sectors have a very important role to play. You can't suddenly get rid of the public sector, nor should you." <br />
 <br />
"When I came to the government, I used to sit down with all the experts and ask them to define for me what is the 'big bang' for them," Modi said. "Nobody could tell me." <br />
 <br />
In the last two years, the ruling party has laid a lot of emphasis on new bills and legislatures, which have or are soon to be introduced in the Parliament. <br />
<br />
Expressing his desire to liberalize the labour laws of the country, he said that he would like the states to consider the changes.<br />
 <br />
"Labour reform should not just mean in the interest of industry," Modi said. "Labour reform should also be in the interest of the labourer." <br />
 <br />
He also talked about removing several restrictions from foreign investment in businesses, while justifying his sales pitches on several international trips, which helped prompt a sharp rise in FDI, as data suggest a rise of 29% in FDI in the latest fiscal year. <br />
 <br />
"This is the new way. If we want to ensure the success of this interdependent world, I think countries need to cooperate, but at the same time we also need to ensure that there is respect for international norms and international rules."<br />
<br />
<a href="http://d1udmfvw0p7cd2.cloudfront.net/wp-content/uploads/2014/08/n-modiarrival-a-20140831.jpg"><em>Image source</em></a><br />

Nobody told me what ‘big bang’ was, says Modi on being criticised for bringing no huge reforms in two years as PM

New Delhi, Dec 4 () Union Environment Minister Prakash Javadekar on Wednesday said that the Union Cabinet has approved the fourth labour code -- the Code on Social Security Bill 2019.
<p> The bill seeks to consolidate the laws relating to social security of workers and subsume eight central laws.
</p><p>  "In a major labour reform, this social security code is approved by the Cabinet today. This is fourth labour code," Javadekar told reporters in a briefing on Cabinet decisions on Wednesday.
</p><p> Last month, the Cabinet had approved Industrial Relations Code Bill, 2019 (third code), which was later introduced in the Lok Sabha. 
</p><p> The Code on Wage (first code) has already been approved by Parliament. The Code on occupational safety, health and working conditions (second code) has already been introduced in the Lok Sabha and later sent to a standing committee for review. This would be pushed for passage in the Budget Session after the committee's report submission in the House. 
</p><p> Javadekar said that under labour reforms, 44 central laws will be codified into four codes.  
</p> The Social Security Code will subsume 8 Central Labour Acts namely Employees' Compensation Act, 1923; Employees' State Insurance Act, 1948, Employees' Provident Funds and Miscellaneous Provisions Act, 1952; Maternity Benefit Act, 1961; Payment of Gratuity Act, 1972; Cine Workers Welfare Fund Act, 1981; Building and Other Construction Workers Cess Act, 1996 and Unorganized Workers' Social Security Act, 2008.   KKS  MR

Cabinet approves 4th labour code on social security

<p>Britain has got used to the narrative of pessimism since the credit crunch with the country's economy struggling to regain its pre-crisis verve. That now looks set to change.</p><p>A <a href="http://www.oecd.org/unitedkingdom/economic-survey-united-kingdom.htm">new report released today by the Organisation for Economic Cooperation and Development (OECD)</a> shows that <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> GDP is finally back above its pre-crisis level and the pace of its recovery has now overtaken France and is quickly closing on Germany (although the US and Canada remain some way ahead).</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>This has come in no small part through two things in particular - record levels of employment and plunging household and business saving.</p><p>On the former, the UK has experienced what many are calling a "jobs miracle". Unlike during previous recessions the UK saw unemployment rise by far less than might have been expected considering the severity of the crisis, and fell far quicker during the recovery.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>This "miracle" has been facilitated in now small way by the labour market reforms that began in the 1980s under Margaret Thatcher's government and were continued even after New Labour took power in 1997. In particular, these reforms reduced the power of labour unions by forcing a ballot before strike action could be taken, limiting collective wage bargaining and banning "secondary picketing" whereby strikers could picket locations they were not directly connected to.</p><p>Collectively the reforms sharply reduced the appeal of joining a union in Britain. Union membership peaked at over 13 million in 1979 but this figure has more than halved since then with only <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/313768/bis-14-p77-trade-union-membership-statistical-bulletin-2013.pdf">6.5 million employees in the UK a member of a union in 2013</a>. This has made it easier for companies to hire and fire employees and to negotiate terms of employment (including wages) on a case-by-case basis.<span><br /></span></p><p>However, there have been trade-offs. As the OECD explains (emphasis added):</p><p style="padding-left: 30px;">Structural reforms have strengthened labour supply. Welfare, pension and immigration reforms have lowered reservation wages, and declines in labour unionisation have reduced labour's bargaining power. These reforms have lifted the participation rate, which otherwise would have been falling if only accounted for by population ageing. <strong>Increased labour supply has put downward pressure on productivity and it may take time for the capital stock to adjust to the higher level of labour. Moreover, recent job growth has partly been concentrated among individuals who may have lower-than-average productivity, moving into employment with generally lower skills and/or remaining self-employed</strong>.</p><p>That is to say, a more flexible labour market has allowed more people who are looking for work find jobs but it has also meant that these additional workers have helped keep pay rises down. Moreover, a substantial proportion of recent job gains have been concentrated in low-skill and relatively low-productivity areas.</p><p>Another problem that 1980s reformers are unlikely to have thought too much about is that when labour is cheap and capital expensive (such as after a financial crisis) firms can bring in more workers to meet rising demand rather than invest in new machines or technology to make their businesses more efficient. This capital-labour substitution could be one of the reasons behind the stagnation of productivity among UK workers. After all, <span>the Office for National Statistics (ONS) estimates that <a href="http://www.ons.gov.uk/ons/rel/elmr/economic-and-labour-market-review/no--9--september-2010/multi-factor-productivity--estimates-for-1994-to-2008.pdf">investing</a></span><a href="http://www.ons.gov.uk/ons/rel/elmr/economic-and-labour-market-review/no--9--september-2010/multi-factor-productivity--estimates-for-1994-to-2008.pdf"><span> in new technology and equipment accounted for over 40% </span></a><span><a href="http://www.ons.gov.uk/ons/rel/elmr/economic-and-labour-market-review/no--9--september-2010/multi-factor-productivity--estimates-for-1994-to-2008.pdf">of labour productivity growth</a> between 1998 and 2008.</span><span><br /></span></p><p>This could help explain why both the productivity and wage gains that have been seen in previous recoveries have so far failed to materialise since 2008.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>So with real wages having seen substantial declines over recent years and productivity flat-lining, it would be reasonable to ask how on earth Britain is able to fuel its recovery. It hardly looks as if the Coalition government's hopes of an economic rebalancing towards exports has come to fruition with the UK's trade deficit (the value of goods and services exported minus the value of imports) rising to £34.8 billion last year, its highest level since 2010.</p><p>Instead, the country is once again relying on that ever-reliable source of apparently insatiable demand - the UK consumer. After a few years of saving to repair damaged household finances Britons have once again recaptured the confidence of old and are spending again - and they are finally encouraging businesses to do likewise.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>This engine of growth, however, is heavily reliant on that weak wage growth turning around so that consumers can continue to spend without having to increase already high levels of household debt further or dip into their savings. This, in turn, will require businesses and government to increase investment in productivity enhancing measures so that wage gains do not cause inflation to spike.</p><p>The OECD report notes that the UK's "i<span style="line-height: 1.5em;">nvestment ratio was trending downward and was low in international </span><span style="line-height: 1.5em;">comparison prior to the crisis" and it was hit even further during the crisis both by the damage to demand and the restriction in the supply of bank credit. UK government investment in infrastructure is also low relative to other countries, and the OECD labels its investment in transport as "poor" compared to its peers. This period of low investment coincided with a period of slowing productivity growth - hinting at, though not proving, that the two could be linked.</span></p><p>But it seems that if this investment is going to materialise consumer spending is going to have to lead the way. As <a href="http://uk.businessinsider.com/key-charts-from-the-bank-of-england-inflation-report-2014-11">Bank of England Governor Mark Carney said in November's Inflation Report</a> press conference, expected wage growth of between 3.25% to 3.5% between 2015 and 2016 is "needed to achieve the inflation target over the forecast horizon."</p><p><span>That is, far from </span><em>worrying</em><span> about wages pushing prices up too quickly, the Bank is </span><em>relying</em><span> on faster wage growth to get the economy back to something close to potential growth over the next few years.</span><span><br /></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/largest-ice-glacier-calving-filmed-2015-1">This Video Of The Largest Breakage Of Ice From A Glacier Ever Filmed Is Absolutely Frightening</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NqbHJucjpzcqR3obKs3FqeMQRi8yolxr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

OECD: The UK is speeding away from the rest of Europe

New Delhi, Jun 14 () Rating agency S&amp;P will give credence to reforms in agriculture and labour market as well as easing of bad loan stress of banking sector while deciding future rating action on India, a senior official has said. <p>S&amp;P Director &amp; Lead Analyst Sovereign &amp; IPF Ratings APAC Andrew Wood also said return of insolvency provision under the Insolvency and Bankruptcy Code (IBC), which was suspended for at least six months, and stronger regulator framework would be important in improving the health of Indian banks. </p><p>Last week, S&amp;P Global Ratings had retained India's rating at lowest investment grade 'BBB-' for 13th year in a row, saying risks to India's long-term growth rate are rising, ongoing economic reforms, if executed well, should keep the country's growth rate ahead of peers. </p><p>To a query on what specific reforms the rating agency would look at while determining the future rating action, Wood on Friday said the rating agency would give credence to reforms to domestic agriculture sector, liberalisation of labour market thereby job creation in manufacturing sector, improvement in infrastructure and business friendly foreign investment policy. </p><p>"The reforms that we will give credence to is reforms in agriculture sector, into domestic markets. Those have been introduced and that's somewhat path breaking in history of India. It would help address the supply side bottlenecks that have cropped up in the economy in the past as well as to make agriculture sector more efficient," Wood said. </p><p>He, however, emphasised on the need to create jobs in the manufacturing sector. "In order to achieve that labour market reforms are going to be important. Government appears to be making some headway in this issue." </p><p>Stating that in India, states decide on labour laws and related reforms, Wood said, "But the BJP Government has a strong mandate and appears to be pushing harder on the states to get this done. We would be looking at liberalisation of labour markets further". </p><p>Efforts to bring in foreign capital, private sector in infrastructure and improving business environment through that route is going to be very crucial, he said, adding attracting foreign direct investment (FDI) is also very important. </p><p>With regard to financial sector, Wood said it is a specific weakness for India and IBC was "very constructive" in terms of starting to address issues and leading to more prudence in lending by PSBs. </p><p>Also fund injection into public sector banks have led to improvements in their capital position over past few years, he said. "But more work is probably needed here." </p><p>The government earlier this month promulgated an ordinance to amend the Insolvency and Bankruptcy Code (IBC) whereby fresh insolvency proceedings will not be initiated for at least six months starting from March 25 amid the coronavirus pandemic. </p><p>Default on repayments from March 25, the day when the nationwide lockdown began to curb coronavirus infections, would not be considered for initiating insolvency proceedings for at least six months. </p><p>"IBC which has been suspended for now for 6-12 months but return and continued implementation of stronger regulatory framework is important for health of sector. </p><p>"It is not often in an economy that we see in India 10 years have been running at full-stream but banking sector remains weak for long period of time. So, it's going to be very crucial that banking sector problems are addressed in India," Wood added. </p><p>S&amp;P Global Ratings has projected Indian to shrink by 5 per cent in current fiscal but growth is expected to bounce back to 8.5 per cent next fiscal. </p>India's economic growth potential in medium and long-term is 6.5-7 per cent but reforms are critical for the country to get back to recovery after deep shock this year, it has said. JD BAL BAL

S&P to weigh labour, agri market reforms, improvement in financial sector for future ratings

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Alessandro Bianchi</span></p><p class="caption">Newly appointed Italian Prime Minister Paolo Gentiloni looks on before a confidence vote at the Senate in Rome, Italy December 14, 2016.</p></div><p></p></div></div>After one enormously disruptive referendum in 2016, Italy could face the prospect of another popular vote in 2017, and it will make the country's already turbulent political landscape even more complicated.</p><p>Writing in a piece of research circulated to clients on Wednesday, Barclays analyst Fabio Fois notes that Italy's Constitutional Court said that it will consider approving a referendum on reforms to the country's labour markets, first proposed during the premiership of Matteo Renzi.</p><p>Fois writes (emphasis ours):</p><p style="padding-left: 30px;">"<span>As if the schedule of the Constitutional Court (CC) were not enough busy in January, with the ruling on the Italicum voting system expected on the 24th,<strong> the court announced today it will review (on the 11th) a request submitted by the largest union, CGIL, to hold an abrogative referendum on some parts of the labour market reform (Jobs Act) approved under the Renzi government."</strong></span></p><p style="padding-left: 30px;"><span><span>"The Referendum would entail three specific questions on different aspects of the reform, of which the most important from an economic perspective concerns the decision not to apply Article 18 (of the Labour Treaty) to the newly introduced 'single' open-ended contract, in which job protection increases with seniority. Article 18 protects workers employed by firms with more than 15 employees against unfair dismissal</span><span>‎."</span></span></p><p><span><span>That would be bad news in several ways for Italy, Fois argues. "<span>If the Referendum on Article 18 were to go through, it would be extremely negative, in our view."</span></span></span></p><p><span><span><span>Firstly, the impact of a cancelling a major set of reforms designed to improve Italy's competitiveness by enabling job creation, increasing productivity and flexibility could have a significant negative impact on Italy's economic growth.</span></span></span></p><p><span><span><span><span>"Since the reform was enacted (March 2015), hiring in permanent positions has increased remarkably, supporting consumer confidence and, with that, household spending. Indeed, private consumption has been the most important driver of the modest economic recovery, which gained some momentum in 2015," Fois argues.</span></span></span></span></p><p><span><span><span><span><div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Stefano Rellandini</span></p><p class="caption">Italian Prime Minister Renzi leads a news conference to mark his 1000 days in government in Rome</p></div><p></p></div></div>Secondly, it would be another blow to any belief that the Italian people are willing to see reforms in their country, and would say more about a resistance to reform than Renzi's constitutional vote loss.</span></span></span></span></p><p><span><span><span><span>Earlier in December, the country voted overwhelmingly, almost 60/40, against a series of proposed changes to the Italian constitution, which would have taken power away from the Italian senate, and place more in the hands of the lower chamber of parliament. </span></span></span></span></p><p><span><span><span><span>While the vote was officially held on the reforms, <a href="http://uk.businessinsider.com/matteo-renzi-resigns-2016-12">it was broadly seen as vote on the leadership of Matteo Renzi, who resigned after he lost.</a></span></span></span></span></p><p><span><span><span><span>As Fois puts it, a rejection of labour market reforms</span></span></span></span><strong> </strong>"would be a very negative indication about the country's willingness to press ahead with reforms. Indeed, the signal would be much more indicative than the one delivered with the Referendum on Constitutional reforms‎, which was largely charged by short-term political meaning, in our view."</p><p>Finally, Fois argues that the rejection of these reforms would make snap elections in the second quarter of 2017 more likely, further muddying an already difficult climate. Snap elections would likely see the populist Five Star Movement - which does not identify itself within the traditional right/left political spectrum, and is highly eurosceptic - gain further traction in the country.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/obama-washington-dc-president-white-house-kalorama-2016-11">Here's the $5.3 million mansion the Obamas will live in after the White House</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9jc3ZxMzE6QOCQ6ydkxJ3LsB84vAV-S-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Italy could have another referendum in 2017 - and it will make things even more complicated

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Press leaks have become such a problem for Greece that the radical government decided to release the summary of its reforms before it has even submitted to its creditors.</p><p>However, <a href="http://www.reuters.com/article/2015/02/24/us-eurozone-greece-idUSKBN0LR0ZX20150224">a Reuters report suggested that Greece has now submitted its list to the International Monetary Fund and European institutions around midnight</a>.</p><p>The slab of reforms includes <span>tackling tax evasion and implementing labour reforms. The Syriza-run government also stipulated that it is committed to addressing</span><span style="line-height: 1.5em;"> Greece's "humanitarian crisis."</span></p><p><span style="line-height: 1.5em;">Greece secured a four-month loan extension on Friday, <a href="http://uk.businessinsider.com/greece-deutsche-bank-timeline-2015-grexit-2015-2">however the deal could still fall apart if international creditors do not approve this set of reforms</a>. </span></p><p>Initially, <a href="http://uk.businessinsider.com/greece-tsipras-publish-eurogroup-reforms-no-plan-b-2015-2">Greece was meant to submit its reform proposals on 22 February</a>, however it delayed it by 24 hours.</p><p>Syriza's list of reforms mainly hinge around tackling corruption and fighting against tax evasion to bring in more cash for the beleaguered country. It said it will focus on fuel and tobacco smugglers. <span style="line-height: 1.5em;">Greece's government also pledged to reform labour laws on collective contracts and bargaining agreements.</span></p><p>However, in a bid to appease its voters, it said that it will help alleviate the "humanitarian crisis" as its economy has shrunk by 25% since the start of the Eurozone debt crisis.</p><p>Since a quarter of Greece's population is unemployed, Syriza will provide free medical care for the jobless and therefore uninsured. It also promised to secure housing guarantees and spend <span style="line-height: 1.5em;">£44m on free electricity for the Greeks.</span></p><p><span style="line-height: 1.5em;"> It also vowed to dole out £550 million to provide meal subsidies.</span></p><p><span style="line-height: 1.5em;">Meanwhile, Syriza is battling to fulfill the very promises that got it elected in the first place. According to reports, <a href="http://www.independent.co.uk/news/world/europe/greek-bailout-syriza-dissenters-accuse-government-of-reneging-on-election-promises-in-new-eurozone-deal-10065916.html">a veteran member of Greek Prime Minister Alexis Tsipras' government has hit back at bailout extension deal</a>.</span></p><p><span style="line-height: 1.5em;">Manolis Glezos said that the latest agreement showed that Syriza reneged on its election promises. </span><span style="line-height: 1.5em;">"I apologise to the Greek people because I have contributed to this illusion," <a href="http://www.independent.co.uk/news/world/europe/greek-bailout-syriza-dissenters-accuse-government-of-reneging-on-election-promises-in-new-eurozone-deal-10065916.html">he said</a>.</span></p><p><span style="line-height: 1.5em;">However, a Greek government spokesperson hit back: "Manolis Glezos is someone whom we will never cease to honour but. <a href="http://www.independent.co.uk/news/world/europe/greek-bailout-syriza-dissenters-accuse-government-of-reneging-on-election-promises-in-new-eurozone-deal-10065916.html">I believe that statement in particular was misguided and wrong.</a>"</span></p><p><span style="line-height: 1.5em;">Elsewhere, <a href="http://www.cnbc.com/id/102445830">Greek citizens are growing increasingly angry with Syriza-run government over the agreement too</a>, as <a href="http://www.cnbc.com/id/102445830">detailed by CNBC</a>. </span></p><p><span style="line-height: 1.5em;">"<a href="http://www.cnbc.com/id/102445830">[The new deal] is treason,</a>" said <span>Athens-based Kostas Karampas </span>on Facebook. He added that "[whoever signs the new bailout agreement] are collaborators and will be judged by the Greek people for ultimate treason."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/largest-ice-glacier-calving-filmed-2015-1">This Video Of The Largest Breakage Of Ice From A Glacier Ever Filmed Is Absolutely Frightening</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NqbHJucjpzcqR3obKs3FqeMQRi8yolxr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Greece battles cries of 'treason' as it unveils reforms

New Delhi, Nov 21 () India Inc on Thursday welcomed the government's decision to defer receipt of spectrum auction installments due from telecom service providers, saying the move will provide headroom to the sector currently facing stress, generate job opportunities and drive consumer demand.
<p> The government on Wednesday doled out a Rs 42,000 crore relief to debt-laden telecom companies after it agreed not to take any payments for spectrum they use for the next two years.
</p><p> The Union Cabinet headed by Prime Minister Narendra Modi approved giving Bharti Airtel, Vodafone Idea Ltd and Reliance Jio an option to avail a two-year moratorium on payments they were supposed to make in yearly installments for the spectrum bought in auctions.
</p><p> This is a great breakthrough in the economic reform system and will have a positive impact on the growth and development of telecom sector and the economy as a whole, PHD Chamber of Commerce and Industry President D K Aggarwal said.
</p><p> Deferment of spectrum auction installments will provide a pronounced relief to stressed telecom service providers leading to their continuous operations, ease their cash outflow and give them window to make payments for statutory liabilities and interest on bank loans, Aggarwal said.
</p><p> As the telecom sector is one of the major growth driver of economy, this move is welcomed as it will generate employment opportunities for the potential workforce, drive consumer demand sentiments in the economy, provide further impetus and pave way to achieve USD 5 trillion economy going forward, he added.</p><p> 
</p><p> "Another notable decision of the government is the relief provided to the telecom sector by way of deferment of receipt of spectrum auction instalments due from telecom service providers for the year 2020-21 and 2021-22," Ficci President Sandip Somany said.
</p><p> The move should provide some headroom to the telecom sector in the country as it is seeing a lot of stress, he said.
</p><p> Describing the strategic sale of CPSEs as a major reform, Assocham said the decision reflects the clear mind set of the government about steadily moving out of businesses.
</p><p> "The underlying thinking is that the government has no business to be in business. It is a welcome and a major policy change," Assocham President BK Goenka said.
</p><p> Besides, the bill cleared by the Cabinet for allowing fixed term employment is a good and decisive starting point for labour reforms, Goenka said.
</p><p> The Centre on Wednesday approved the Industrial Relation Code Bill, which is the third code under labour reforms. 
</p><p> The government wants to codify 44 central labour laws into four broad codes.
</p><p> While the Code on Wages has already been approved by the Parliament, the Labour ministry will push the Code on Occupational Safety, Health and Working Conditions Bill in the Budget Session. 
</p><p> The Code on Social Security is in pre-legislative stage.
</p><p> The bill provides for setting up a two-member tribunal (in place of one-member), thus introducing a concept that some of the important cases will be adjudicated jointly and the rest by a single-member, resulting in speedier disposal of cases.
</p><p> The Cabinet Committee on Economic Affairs (CCEA) also approved sale of government's entire 53.29 per cent stake along with transfer of management control in the country's second biggest state-owned refiner Bharat Petroleum Corp Ltd (BPCL) after removing Numaligarh refinery from its fold.
</p> It also gave a nod to sale of the entire government holding of 63.75 per cent in Shipping Corporation of India (SCI) and 30.9 per cent stake in Container Corp of India (Concor).  RSN  RVK

Deferment of spectrum payment to provide headroom to telecom sector: India Inc

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li>UK Labour proposed a new tax on tech giants including Amazon and Google which would allow for free, high-speed internet for the whole country.&#xa0;</li><li>The party<a href="https://labour.org.uk/press/british-broadband-labour-sets-out-mission-to-connect-communities-across-britain-by-delivering-free-full-fibre-broadband-for-all/"> floated plans</a> on Thursday to buy up most of the UK's existing internet infrastructures for an estimated cost of £20 billion (around $25 billion), which it pledged to massively expand.&#xa0;</li><li>Amazon, Facebook and Google were named as companies that would be hit with new taxes to help pay for the scheme.&#xa0;</li><li>Labour said it would reform the system to tax large tech companies on their global profits rather than those registered in the UK.</li><li>The plan is one of several proposals to nationalize private industries in the UK, which Labour hopes will help them win power in the upcoming general election against the incumbent Conservative party.&#xa0;</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.&#xa0;</a></li></ul><p>Britain's Labour party threatened billions of dollars in new taxes on large tech companies to fund the nationalization and expansion of the country's internet infrastructure if it wins the forthcoming general election.</p><p>The party <a href="https://labour.org.uk/press/british-broadband-labour-sets-out-mission-to-connect-communities-across-britain-by-delivering-free-full-fibre-broadband-for-all/">floated plans Thursday</a> night to spend a total of £20 billion (around $25 billion) to buy up most of the UK's existing internet infrastructure, which it pledged to then massively expand.</p><p>It named Amazon, Facebook, and Google as companies it wants to hit with new taxes to help pay for the scheme.</p><p>The plan is one of several proposals to nationalize private industries in the UK, which Labour hopes will help them win power in the upcoming general election, scheduled for December 12.</p><p>The specifics of the funding were not absolutely clear. Labour said taxes on tech companies would be one of two funding streams for the plan. The other source of money is government borrowing.</p><p>It said that as a result of the scheme, home internet access would be free, saving each household an average of £30 ($38) a month.</p><p>Its total initial cost was pegged at around $25 billion - though <a href="https://www.bbc.co.uk/news/election-2019-50427369">the BBC reported</a> that the true cost could be as high as $50 billion.</p><p>In addition there would be a recurring annual cost of around $300 million, Labour said, which would be "more than covered" by plans to reform tax laws to extract more money from multinationals.</p><p>A video from Momentum, an activist group aligned with Labour, promoted the scheme after its launch. It also named Apple as a company that could be taxed to fund it.</p><p>Labour said it would reform the system to tax large tech companies on their global profits rather than those registered in the UK.</p><p>The party has criticized companies for structuring their companies in ways that send profits to low-tax jurisdictions and effectively avoid paying higher taxes in markets where their consumers are located.</p><p>Labour said it would take an as-yet-undisclosed portion of worldwide profits, meant to reflect the company's footprint in the UK.</p><p>Boris Johnson, the current UK Prime Minister, called the plan a "crackpot scheme."</p><p>His Conservative party also wants to invest in internet infrastructure, but within the existing framework of private companies.</p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/can-labour-jeremy-corbyn-win-next-general-election-opinion-polls-2019-11?r=US&amp;IR=T" data-read-more-link="" data-e2e-name="read-more-link">Can Labour win the next general election?</a></li><li><a href="https://www.businessinsider.com/uk-general-election-labour-suffers-large-scale-cyber-attack-2019-11?r=US&amp;IR=T" data-read-more-link="" data-e2e-name="read-more-link">The Labour Party has suffered a 'sophisticated and large-scale cyber-attack' ahead of the general election</a></li><li><a href="https://www.businessinsider.com/amazon-not-paying-taxes-trump-bezos-2018-4?r=US&amp;IR=T" data-read-more-link="" data-e2e-name="read-more-link">Amazon will pay $0 in federal taxes this year - here's how the $793 billion company gets away with it</a></li></ul><p class="tagline"><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019-2%E2%80%9D>&lt;img%20src=" https:="" alt="Exclusive FREE Slide Deck: 40 Big Tech Predictions for 2019 by Business Insider Intelligence" border="0" style="width: 100% !important"></a></p><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-to-make-submit-your-own-emoji-start-finish-2019-8">Apple just released iOS 13.2 with 60 new emoji and emoji variations. Here's how everyday people submit their own emoji.</a></h3>        <div>                    </div>    </div>

The UK Labour party wants to tax Amazon, Facebook and Google to fund a $25 billion plan for free, high-speed internet for the whole country

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Peter Nicholls</span></p><p class="caption"> The new leader of Britain's opposition Labour Party Jeremy Corbyn gestures as he acknowledges applause after addressing the Trade Union Congress (TUC) in Brighton in southern England, September 15, 2015. </p></div><p></p></div></div>Jeremy Corbyn, the recently elected leader of Britain's opposition Labour Party, has been pretty much <a href="http://uk.businessinsider.com/jeremy-corbyn-declines-tv-radio">refusing to do any media since he got the top job</a>.</p><p>But Corbyn on Thursday broke the silence in a pretty unexpected way - by <a href="http://www.ft.com/cms/s/0/96380afe-5d34-11e5-9846-de406ccb37f2.html#axzz3m0b6BEiI">writing an editorial on Europe in the Financial Times</a>.</p><p>The FT is the paper of the City and usually associated with right of centre, free market views. It's the last place you'd expect to find Corbyn, an avowed trade unionist and socialist.</p><p>The crucial point Corbyn makes in the piece is that under him <a href="http://uk.businessinsider.com/jeremy-corbyn-labour-will-not-back-a-brexit-in-the-eu-referendum-2015-9">Labour will be pro-Europe</a>, but that he will fight for social reforms and try to reverse any erosion of workers' right that David Cameron or any Brussels politicians pursue.</p><p>He also wants the debate on the upcoming European Union referendum in Britain to focus more on social issues. <a href="http://www.ft.com/cms/s/0/96380afe-5d34-11e5-9846-de406ccb37f2.html#axzz3m0b6BEiI">Here's Corbyn:</a></p><p style="padding-left: 30px;">Too much of the referendum debate has been monopolised by xenophobes and the interests of corporate boardrooms. Left out of this debate are millions of ordinary British people who want a proper debate about our relationship with the EU. We cannot continue down this road of free-market deregulation, which seeks to privatise public services and dilute Europe's social gains. Draft railway regulations that are now before the European Parliament could enforce the fragmented, privatised model that has so failed railways in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>.</p><p>He concludes: "Labour is clear that we should remain in the EU. But we too want to see reform." Some of the reforms that he wants to see include on agriculture policy, following protests in Brussels last week, and support for the financial transaction tax.</p><p>Corbyn also uses the editorial to say he has been "appalled" by the treatment of Greece by Europe, saying: "The current orthodoxy has failed. We need a new economic settlement."</p><p><a href="http://www.ft.com/cms/s/0/96380afe-5d34-11e5-9846-de406ccb37f2.html#axzz3m0b6BEiI">You can read the full editorial here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/statue-of-liberty-secrets-facts-new-york-america-united-states2015-7">Secrets of the Statue of Liberty</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1jN2lsdjrmZll7_ijskMA6fwJMupiTiF" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Jeremy Corbyn just broke his media silence in a completely unexpected way

(Eds: Changing headline) <p> New Delhi, May 14 () Ruling out any impact of stimulus on the price situation, Chief Economic Advisor K V Subramanian on Thursday said the COVID-19 pandemic has severely dented the demand for non-essential or discretionary goods, creating deflationary conditions.</p><p> He also said that a good part of the Rs 20 lakh crore stimulus package is designed in a manner that the fiscal deficit remains under control.</p><p> "COVID has a significant deflationary impact because demand especially for non-essential or discretionary goods and services will go down significantly. Therefore, it is unlikely that there would be too much inflationary impact through fiscal deficit or stimulus package," Subramanian told in an interview.</p><p> The proposed stimulus package will generate demand by infusing liquidity into the system and thus perk up the economy, the CEA said.</p><p> "A good part of stimulus is utilising leverage to deliver...while at the same time ensuring that the fiscs remain actually under control," he said.</p><p> Last week, the government raised its market borrowing programme by a whopping 54 per cent of the Budget estimate to Rs 12 lakh crore for the current fiscal to fund a comprehensive stimulus package of Rs 20 lakh crore to fight the COVID-19 crisis.</p><p> According to some estimates, Rs 4.2 lakh crore additional borrowing by the government will push the fiscal deficit to 5.8 per cent of the GDP in FY21 as against the budget target of 3.5 per cent.</p><p> With regards to proposed structural reforms, Subramanian said Prime Minister Narendra Modi in his recent address touched some important aspects like land, labour, laws and liquidity.</p><p> "Land and labour are really factor market reforms because these are factor inputs that really affect the cost of doing business and you have seen a lot of changes on these recently at state level," he said.</p><p> Uttar Pradesh, Madhya Pradesh and Gujarat have announced fundamental labour reforms and other states are also in line to follow up, he said, adding, Karnataka had just gone ahead and changed the regulation on acquisition of land for business.</p><p> Land can now be directly bought from farmers in the state and other states will also imbibe the model, he said.</p><p> "Land and labour are state-level subjects. What the PM has outlined is what states are implementing. I think from the perspective of the cost of doing business, these are very important," he said.</p><p> On growth he said, India will witness a V shape rebound rather than U shape post COVID-crisis.</p><p> "It is possible that there may be a lot of pessimistic assessments, I would rather be aware of that bias while making judgement. When you look at researches around Spanish Flu of (1918), it was far more devastating. even then it was V shaped recovery," he said.</p><p> That is the best estimate that one can make at this point of time, he said.</p> Pointing out that the Spanish Flu was far more devastating than the current COVID crisis, he said, that flu had affected one-third of the global population in contrast to one per cent now by coronavirus and despite all that it was a V shaped recovery then. DP CS MKJMKJ

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