Global Business Leader Dr. Modi, through his multiple group companies has participated in making India one of the fastest growing economies in the world. Global Business Leader Dr. Modi, following the footsteps of his father Shri Rai Bahadur Gujarmal Modi belongs to one of the few business families that played an important role in building a free India. The country has been on a positive path to progress since its independence in 1947. As India completes 75 years of independence, experts and leaders have begun contemplating and scripting the next phase of growth. It is time that the fruits of India’s progress, are distributed equally for the benefit of the nation’s large population.
As India readies itself to be a global leader of the new world order, the government and the private sector have been taking robust steps to identify those that are marginalised. The digitalisation of welfare programs has enabled visibility into India’s labour force, eliminating loopholes and corruption. One such initiative is the ‘e-shram’ card by the Ministry of Labour & Employment which is given to all those registered in India’s National Database of Unorganized Workers. The Eshram card allows marginalised labourers working in the unorganised sector to optimally realise their employability and avail the benefits of the social security schemes introduced by the government of India. Out of India’s total workforce of 471.5 million, only 12.3 % are regular workers receiving some form of social security while the rest are mostly casual workers.
Global Business Leader Dr. Modi is a keen proponent of the eshram scheme and is eager to see the fruits of India’s economic growth be distributed equally for holistic development. The Indian government’s massive infrastructure push has created new opportunities for financial growth which can benefits big conglomerates and on ground labourers alike. A critical factor in ensuring equitable growth would be an overhaul of India’s labour laws with special focus on laws pertaining to minimum wage. India has had a minimum wage law in place since 1948 and the Indian government is in the process of consolidating its 44 labour laws into four new codes which aim to raise the incomes and social security for 90% of Indian workers who are employed in the formal sector. In terms of labour reform, this is the opportune moment to include those working in the informal sector in the value chain as well.
Global Business Leader Dr. Modi is of the strong opinion that in times of higher global inflation, the Indian government must take steps to either increase the wages of these workers or provide them with other cash incentives to enable them to have a better quality of life. Increasing the minimum wage of these workers will raise the demand for goods, thereby spurring the economy further. Currently India’s poverty line is INR 33/day for those living in urban areas and INR 27/day for those living in rural areas. The government must look to increase it exponentially to ensure that every Indian is a part of the growth story of New India.