'Efforts on to protect eco from meltdown'

Agencies

New Delhi: Finance Minister Pranab Mukherjee today said the government is making efforts to protect economy from global meltdown.

Addressing the 42nd session of the Indian Labour Conference here, Mukherjee said stimulating additional demand through public and private expenditure and investment is key to keep the economy on track.

Referring to a large number of measures taken by the government to protect those who are most explosed, Mukherjee said extending social protections and unemployment benefits, facilitating additional training and targeted safety nets would mitigate large scale labour migrations.

He called for greater investment in infrastructure and adequate credit support to the poorer sections of society.

He said the strengthening of local demand, empowerment and ownership of the growth process can be ensured only through directed investment aimed at the socially disadvantaged sections of society.

Reiterating the government's commitment to work with the labour and business classes to create a new era of inclusive growth, the Minister said stake holders must display a spirit of solidarity by sharing equally the pain of this crisis.

Mukherjee also pointed out the bleak global economic forecast by the International Monetary Fund (IMF) the World Bank and International Labour Organization (ILO), and said that there is need to press for trade and aid flows to developing countries.

The two-day conference is being organised by the Ministry of Labour and Employment.

The "National Policy on Safety, Health and Environment at Workplace" formulated by the Ministry of Labour and Employment will also be released on the occasion.

The Ministry of Labour and Employment has the unique mechanism of tripartite consultation amongst social partners - workers, employers and government, at various levels - sectoral as well as national - on issues relating to labour.

The first such tripartite consultation at national level was held in 1942 as Tripartite National Labour Conference - subsequently renamed as Indian Labour Conference since 1944.

So far, 41 sessions of Indian Labour Conference have been held to discuss prominent labour-related issues.