Indian Express headlines of date scream that the farm wages have hit low of ten years, sensex low of 16 months. The farm wages will plunge if the labour is not absorbed into non-farm jobs. And non-farm jobs won’t be there if industry remains hostage to Labour laws, to Environmental laws, and to the whims and fancies of RBI.
All Labour laws, except the payment of wages act, are unconstitutional. Payment of wages act of course is a restatement of Contract Act. And these unconstitutional Labour laws have the same effect on economy as any lawlessness would have. Industry can not develop without rule of law. Therefore these job killing, anti-labour laws should all be scrapped.
And Environmental laws are arbitrary, and are now serving the fraud called Global warming. All the laws being administered by the Ministry of Environment and Forests must be revisited and barring few laws laying down standards for emissions and effluents, all other laws must be scrapped.
Central Bank is not required. It only distorts money markets to serve various vested interests. Therefore role of RBI should be diluted to bare minimum.
People have voted this government with high hopes of job growth. And when people feel they have been had, they punish the party very mercilessly.
Economy is stalling. Urgent action is required before it goes into a freefall.