Test: Changes in Industrial and Labour Policy - Bank Exams MCQ

The Employees' State Insurance Act (ESIA) of 1948 aims to provide medical care and cash benefits to workers and their families in cases of death, permanent disability, or widowhood, ensuring social security for employees in the organized sector.

The Equal Remuneration Act of 1976 mandates equal remuneration for men and women doing the same or similar work, emphasizing gender equality in the workplace and aiming to eliminate wage discrimination based on gender.

The Maternity Benefit Act of 1961 aims to safeguard the earnings of women employees during maternity and covers benefits for situations like childbirth and pregnancy-related illnesses, ensuring their rights and welfare during critical life events.

The New Industrial Policy of 1991 marked a significant shift towards liberalization, aiming to boost efficiency and expedite economic growth through reduced regulations and increased foreign investment, addressing the prior economic instability.

The Industrial Policy Statement of 1977 focused on the effective promotion of cottage and small industries, aiming to distribute industrial development more evenly across rural areas and small towns, which was crucial for employment generation.

The Labour Investigation Committee established in 1944 focused on examining issues related to wages, employment, housing, and working conditions in factories, providing recommendations to improve the welfare and rights of workers in India.

The Contract Labour (Regulation and Abolition) Act of 1970 aims to regulate the employment conditions of contract workers and provides for their abolition under specific circumstances, ensuring fair treatment of these workers.

Article 43 of the Indian Constitution aims to ensure that all workers, including agricultural and industrial workers, have work at living wages, good conditions for a decent life, and opportunities for full employment and leisure.

The Industrial Policy Resolution of 1948 established the State’s dual role as both an entrepreneur and an authority in industrial development, reflecting India's adoption of a Mixed Economic Model. This framework aimed to balance public and private sector involvement in the economy.

The Workmen’s Compensation Act of 1923 ensures compensation for workers and their dependents in cases of injury, accident, or occupational diseases arising from employment, reflecting the state's commitment to worker safety and welfare.

The Industries (Development and Regulation) Act was enacted in 1951 to implement the Industrial Policy Resolution of 1948, providing a framework for regulating and developing industries in India.

In December 2018, the government recognized the pressing need for a new industrial policy aimed at boosting the manufacturing sector, acknowledging ongoing challenges such as labor regulations and high costs that hinder industrial growth.

The Industrial Policy Statement of 1956 is often referred to as the "Economic Constitution of India" due to its comprehensive approach to industrial development and the emphasis on state capitalism, including the expansion of the public sector.

The Trade Unions Act of 1926 allows for the registration of trade unions, empowering workers by providing them with a legal framework to organize, negotiate, and protect their rights in the workplace.

Strategic Industries are those that fall under the exclusive control of the Central Government, including arms and ammunition, atomic energy, and rail transport. This categorization ensures government monopoly over critical sectors of the economy.

One of the significant recommendations of the Royal Commission on Labour in 1931 was to establish Labour Welfare Officers, which aimed to improve the working conditions and welfare of the labor force during that period.

The economic reforms initiated in 1991 led to significant liberalization of the Indian economy, promoting increased foreign investment and reducing regulatory burdens, which were essential for revitalizing industrial growth.

The Minimum Wages Act of 1948 provides for the fixation, review, and enforcement of minimum wages in scheduled employment, aiming to protect workers from exploitation and ensuring fair compensation for their labor.

The Industrial Policy of 1956 faced significant criticism from the private sector due to its limitations on expanding the private sector, particularly through the implementation of a licensing system that restricted growth opportunities.

Cottage industries refer to small-scale manufacturing units typically operated from home, emphasizing local production and craftsmanship. They play a significant role in promoting employment and economic decentralization.