Covid has exposed deep flaws in India’s social security system: Experts

Economy


India needs to revolutionize its social security system to adapt to the new-age workers that will emerge post the outbreak of COVID-19 which has thrown millions of people out of work besides undertaking sweeping structural reforms across sectors and freeing up sectors like start-ups and MSMEs from compliance, says experts.

“It is time for India to completely revolutionlise its social security system and provide portability to its migrant workers,” Juanid Ahmad, country director, World Bank said in a discussion, titled COVID-19 & The Future of Work, and facilitated by NITI Aayog vice chairman Amitabh Kant.

Sunil Munjal, chairman of Hero Enterprises said the country needs a basic income support as a humanitarian requirement to tide over the economic crisis emerging out of this pandemic.

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“India needs a dose of labour reforms, education reforms, social security reforms, financial sector reforms and fundamentally structural governance reforms to unleash the break the regulatory cholestrol that is holding us back,” Manish Sabharwal of Teamlease said.

Agreeing to Sabharwal, Abhiraj Bahl, co-founder of Urban Company said the larger pandemic is an opportunity for the country to make some wide sweeping reform and move to a model which is less government controlled. “It will help by and large not just e-commerce but all sectors,” he added.

Debjani Ghosh, president, Nasscom sought an exemption for start-ups and smaller firms from any compliance to help them revive from the economic setback arising out of the pandemic.

“Government should consider giving complete break to start-ups and MSMEs from all regulatory filings and compliances for at least next two years to help them revive besides clearing their pending dues and ensure that government orders are placed with them,” she added.



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