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Labour bills passed by House, “historic game changers” says labour minister Santosh Gangwar.

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Three labour code bills, which will provide social security for workers in organized and unorganized sectors as well as remove hurdles for winding up of companies, have been passed by Parliament.

Rajya Sabha passed the bills on industrial relations, occupational safety and social security by a voice vote on Wednesday, amidst the continuing boycott by opposition parties over the suspension of eight MPs. The three bills, which were passed by Lok Sabha on Tuesday, will now be sent to the President for his assent.

Describing the bills as “historic game changers”, labour minister Santosh Gangwar said they will harmonies the needs of workers, industries and other related parties. The reforms will prove to be a milestone for the welfare of the workers in the country, while also providing a transparent system to suit the changed business environment, he said.

The reforms will safeguard the interest of workers and provide “universal social security” to them by expanding the ambit of the Employees’ Provident Fund Organization and Employees’ State Corporation of India. There will be a “social security fund” to cover the around 40 crore workers in the unorganized sector, he said.

The reforms will also allow firms with up to 300 workers to fire workers without government permission. As many as 16 states have already increased the threshold for closure, lay off and retrenchment in firms up to 300 workers without government permission, he said. He said it was not good for employment generation to keep the threshold low at 100 because it discourages employers to recruit more workers.

Automobile

Electric vehicle versus Fuel vehicle: Which is more affordable and cheap

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The electric vehicle industry is booming, but the biggest drawback for the consumer is that they are priced much higher than the traditional fuel vehicles. However, at a time when filling-up a full tank of petrol scooters and motorcycles is fast becoming a dream for many, the alternative to it — electric two-wheelers — seems to offer better running price realisation in the long term.

According to investment bank and financial services firm Morgan Stanley, battery-powered two-wheelers are cheaper to own and run than petrol and diesel equivalents. The running cost of electric vehicles is nearly 5% lower annually compared to a gasoline petrol vehicle, the report showed.

The maths of cheaper electric vehicles

The petrol and diesel prices across the country continued their northward march taking its retail rates to unprecedented levels and burning bigger holes in the consumer’s pockets. The electric vehicle as an option weighs heavy.

Although the fact that EVs are priced significantly higher than the vehicles running on fuel have kept people away from them. But once the infrastructure is in place, the cost really comes down to the electricity unit price, which is much lower than the fuel rates. No matter what the price of crude oil is around the world, in India, the average fuel rates have always remained at ₹70 and ₹80 per litre for diesel and petrol, respectively.

Under the bare minimum conditions, the math becomes even clearer — unit price of electricity multiplied by battery size is equivalent to the cost of running an EV. This also eradicates high fuel costs and provides cheaper maintenance and tax. Electric vehicles also hold their value for longer compared to fuel vehicles, according to a Europe based firm study.

 

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