The spate of holidays during this week has cost a cumulative crippled financial and international transactions the financial damage is all more severe than one takes into consideration. The adverse impact of these holidays causing to the exporters and manufactures in meeting the delivery schedule and commitments”, said Mr. Vijay Kalantri, President, All India Association of Industries (AIAI).
“Even after 28 years of economic reforms and liberalization the Government reluctant to cut down on holidays particularly of Banks, Financial Establishments and Financial Institutions for the reasons best known to it, due to these holidays over 1000 CR business has been lost besides the salary and wages. It is following an out dated precedence of old regime”, said Mr. Kalantri.
AIAI further feels that earlier while implementing the Pay Commission Report the Government has assured to reduce holidays and staff which has been conveniently forgotten. Today, world is becoming a global village we cannot follow the rules which shall increase financial burden on the cost of productivity and makes us in competitive.
Holidays privileges enjoyed by the Public sector Understanding (PSUs) including banks, are comparatively much higher than in other countries. India has the maximum number of holidays and less working hours – 25 public holidays and 31 restricted holidays, as compared to Iran which has the lowest number of holidays i.e. only 3 days, U.S.A. & Israel – 16 days and Australia, Brazil, Italy and Japan 15 day. Further, Banks and financial institutions should not be closed for more than 48 hours at a stretch under any circumstances for which a law can be enforced, as is the U.S.A. and other countries.
We are today considering if working hours 24 hrs X 7 days X 365 days in view of support the technology world and to keep in time with the International clock. When whatever required could be done in Labour Laws and Shop Establishment License to keep us in tune with the global practice. There has been increasing number of religious and memorable holidays which needs to be relooked and some religious holidays could be optional, said Mr. Kalantri.
We should also go back to the year 1952 or 1956 and see how many holidays were there and how many have increased and in the present circumstances what will be the most suitable formula on this subject and review holidays, added AIAI.