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Finance Minister P. Chidambaram said there is a need to revive investments in manufacturing and the services sector to create more job opportunities.
In his opening remarks at pre-budget meeting with various trade unions recently, Chidambaram said not enough jobs were being created due to the slowdown in investment in the manufacturing sector. Trade unions can play an important role in reviving the manufacturing sector which, in turn, can lead to creation of more job opportunities in the sector, he said.
Representatives from the 12 trade unions wanted the Finance Minister to take effective steps in the upcoming Budget to arrest price rise, contain inflation and ban speculative forward trading in commodities.
The unions demanded strengthening of public distribution system and wanted the Government to rationalise tax on petroleum products to reduce the burden on the common man.
They wanted the scope of MNREGA to be extended to urban areas and the minimum employment period to be increased to 200 days from the present 100 days. The unions also demanded that disinvestment of shares in profit making public sector units be stopped forthwith and budgetary support be given for revival of potentially viable sick PSUs.
The Union also demanded a progressive taxation system be put in place and concrete steps be taken to recover large accumulated tax arrears, effective measures to unearth huge accumulation of black money in economy including the unaccounted money in tax heavens abroad.
vishwanath.kulkarni@thehindu.co.in
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