New Delhi, Jul 5 (IANS): In order to standardize the process of registration and filing of returns, Union Finance Minister Nirmala Sitharaman during the course of her budget speech in the Parliament on Friday proposed streamlining of labour laws.

"The government is proposing to streamline multiple labour laws into a set of four labour codes. This will ensure that the process of registration and filing of returns will get standardized and streamlined. With various labour related definitions getting standardized, it is expected that there shall be less disputes," said Sitharaman.

She said major economies worldwide are set to face severe labour shortages in the future.

"To prepare our youth to also take up jobs overseas, we will increase focus on skill sets needed abroad."

These skill sets would include language training apart from new-age skills like Artificial Intelligence (AI), internet of things, big data, 3D printing, virtual reality and robotics. These skills are valued highly both within and outside the country and offer much higher remuneration.

The Economic Survey of India 2018-19 which was tabled in Parliament on Thursday recommended the amalgamation of four separate wage acts prevalent in the country in order to achieve the goal of inclusive growth and job creation.

The report had recommended for the amalgamation of the Minimum Wages Act, 1948, the Payment of Wages Act, 1936, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976 into a single piece of legislation.