India’s Social Protection Now Reaches Over 1 Billion People
India’s government has expanded its social protection systems to cover approximately 101 crore individuals, equating to over 68% of the nation’s population, according to Dr. Mansukh Mandaviya, the Union Minister for Labour, Employment, and Youth Affairs, who spoke at the 4th Global Industrial Relations Summit in New Delhi. This remarkable statistic, recognized by the International Labour Organization (ILO) and discussed at the recent BRICS Labour Ministers’ Meeting in Hyderabad, highlights the global acknowledgment of India’s strides in enhancing social security coverage.
Importance of Industrial Relations
During the summit, which was organized by the All India Organisation of Employers (AIOE) in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) and ILO, Dr. Mandaviya emphasized the critical role of harmonious industrial relations. He noted that continuous collaboration among the government, industry, employers, workers, and trade unions is essential for simultaneous economic development and employment generation. The Minister highlighted the necessity of industrialization for national growth, which leads to job creation. He also brought attention to the increasing significance of self-help groups and cooperative models, especially women-led initiatives, in boosting economic opportunities and promoting women’s empowerment.
Economic Growth and Employment
Under Prime Minister Narendra Modi’s leadership, India has witnessed sustained economic growth, which has been bolstered by stable taxation and rising savings. Dr. Mandaviya indicated that this growth creates a virtuous cycle of development and employment opportunities. He cited a striking increase in employment elasticity, stating that a 1% rise in GDP now correlates with a 1.11% growth in employment, a notable improvement from 0.008% twelve years ago.
Future Reforms in Social Security
The Minister also proposed potential reforms for the Employees’ State Insurance Corporation (ESIC), suggesting that well-managed private hospitals be included as facilities under the ESIC scheme. Additionally, he shared the Employees’ Provident Fund Organisation’s (EPFO) advancements towards fully digital claims and the automatic transfer of accounts via a single Universal Account Number (UAN), with a UPI-based withdrawal option in consideration.
International Recognition
Ms. Michiko Miyamoto, Director of the ILO DWT for South Asia and Country Office for India, commended India’s progress in expanding its social security reach. She noted that over a billion individuals in India now meet at least one social protection criterion, an achievement that will significantly contribute to the country’s future economic growth.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
Follow Us on Twitter, Instagram, Facebook, & LinkedIn
