PM Pledges to Pursue Labour Reforms

New Delhi, Jul. 11 2002 (INS News) -- Prime Minister Atal Bihari Vajpayee, pledging to pursue labour reforms vigorously, asked the Indian industry to reform itself by practicing principles of good corporate governance.

Addressing the meeting of his council on trade and industry, in New Delhi he said "Recent reports of accounting scandals elsewhere in the world are beginning to worry a lot of people about the bombshell hidden in the boom time economy. We cannot allow people's faith in economic liberalisation to be shattered by those who do business with an ethical deficit,"

"For the Indian industry and the economy to rise to their full potential, it is not enough for the government alone to reform its policies and practices."Vajpayee said

"Business too must reform themselves. The principle of good corporate governance is the touchstone of your commitment to reforms."

On labour reforms, Vajpayee said the cabinet has decided to vigorously pursue labour reforms.

Stating that the report of the 2nd Labour Commission has been received, the Prime Minister appealed to all major political parties for consensus on labour reforms in order to give effect to consensus through appropriate legislations.

-- Sam Asharaf - South Asia Correspondent in Trivandrum, India
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