Union Minister for Labour & Employment Mansukh Mandaviya on Monday said the government’s infrastructure investment budget should be increased to ₹15 lakh crore per annum from the current ₹11.5 lakh crore for the next 25 years to achieve Viksit Bharat @2047 and social security for all.
“In 2024, the budget has been pegged at ₹11.5 lakh crore. We have to take it to ₹15 lakh crore. When the government invests ₹15 lakh crore in infrastructure for the next 25 years, only then will India become a developed country (by 2047),” the Union Minister said on the first of the two-day international dialogue taking place at the Yashobhoomi – India International Convention and Expo Center.
Mandaviya said social security coverage was 24 per cent in 2014. It has doubled in a decade to 48 per cent which excludes food security, according to ILO’s World Social Protection Report 2024-26.
“Almost 920 million people, 65 per cent of the population, are covered by at least one social protection benefit (cash or in-kind) through schemes of the Central Government. The average global social protection coverage increased by 5 per cent points due to India’s substantial progress in enhancing the social protection coverage,” he said in his inaugural address at the ISSA-ESIC International Seminar ‘Formalisation & Social Security Coverage for Workers in the Informal Sector Challenges & Innovation’.
Infra investment budget
Mandaviya stated that the infrastructure investment budget was ₹1.2 lakh crore in 2012 and it was increased to ₹2.4 lakh crore in 2014, when the Narendra Modi-led government came to power.
He also stated that India has made significant strides in areas such as health security, pension security, livelihood security, and food security, ensuring comprehensive support for its people.
According to the Minister, 600 million Indians are now covered under health security, with a free health cover of up to ₹5 lakh available at more than 24,000 hospitals across the country. Likewise, 800 million people benefit from free food grain distribution, ensuring food security. The launch of the eShram portal has been another key initiative, enabling more than 30 crore informal workers to register and access social security benefits, he added.
24.8 cr escape poverty
In the last 10 years, 24.8 crore people have escaped multi-dimensional poverty due to these social security measures, he mentioned.
Women’s participation, the Minister emphasised, in the workforce has risen from 23.3 per cent to 41.7 per cent in the last 6 years.
On the emerging gig economy, Mandaviya said the new labour code has defined gig workers, and that efforts are being made to bring them under the umbrella of social security.
Union Minister of State for Labour & Employment, Shobha Karandlaje stressed that it is essential for both the government and social security institutions to innovate and collaborate in creating solutions that effectively address the gaps in social protection for workers.
Exceptional progress
Mohammed Azman, President of the International Social Security Association (ISSA), commended India for its “exceptional” progress in strengthening its social security system and acknowledged the commitment and innovation demonstrated by ESIC and EPFO.
Secretary Labour & Employment Sumita Dawra emphasised the importance of harnessing the demographic dividend, noting that over 65 per cent of India’s population is below the age of 35 years while highlighting India’s commitment to providing adequate social protection and generating quality jobs.