Mumbai, Sep 11: Union Labour & Employment Minister Mansukh Mandaviya on Friday urged state governments to undertake a detailed assessment of the current utilisation of cess funds, identify gaps, and explore new avenues for their effective utilisation, keeping in view the long-term welfare and social security of workers.

Addressing the National Conference on Building and Other Construction Workers (BOCW) here, the minister also called upon states to undertake a comprehensive assessment of the impact of the Labour Codes after one year of their implementation and identify areas where more effective execution may be required. He emphasised the need for workshops and orientation programmes for labour law practitioners to facilitate effective implementation of the Codes in letter and spirit.

Highlighting the significance of the Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY) in promoting employment and expanding social security coverage for new entrants to the workforce, the minister urged state governments to undertake focused workshops and engagements with industry and other stakeholders. Such efforts, he noted, would help create greater awareness and ensure that eligible new entrants receive the benefits of the scheme, thereby strengthening the collective efforts towards expanding formal employment and worker welfare.

He stressed the importance of sharing best practices among states and ensuring optimum utilisation of BOCW funds to provide wider social security coverage to workers. He further emphasised the need for the labour ecosystem to continuously evolve with changing times, and underlined the need for the Centre and states to remain aligned in their vision and policies for the holistic welfare of BOCW workers.

He also emphasised the need to explore measures that can provide workers with greater dignity, honour and self-respect, including the possibility of providing pension support to workers. He further highlighted the growing global demand for skilled and semi-skilled workers, and underscored the need to prepare India’s workforce to meet these emerging opportunities.

Mandaviya called for deliberations on international labour mobility, highlighting its significance in the nation’s economic growth through remittances, and in meeting the aspirations of Bharat’s Yuva Shakti. He emphasised the need for coordinated efforts by the Centre and states to create a comprehensive platform for international labour mobility, supported by appropriate financial and digital infrastructure, so that Indian workers can access global opportunities while enhancing India’s credibility on the global stage.

In his address, Labour & Employment Secretary Dr Chandra Bhushan Kumar drew attention to the significance of the Conference, highlighting the number of construction workers across India, which stands at over 7 crore, and the BOCW cess corpus available in the country, amounting to about Rs 77,000 crore. The deliberations at the Conference provide an opportunity to share best practices and engage with industry partners, he added.

India’s captive mines produced 68.98 million tonnes (MT) of coal up to September 10 in the current financial year, up from 65.78 MT in the corresponding period of FY 2025-26, which represents a year-on-year growth of 5 per cent, or an additional 3.2 MT, and this also comes on a base that was itself 10.12 per cent higher than the previous year, the Coal Ministry said on Friday.

The gain has been recorded in the first five months of the current financial year, which include the monsoon, when mining and evacuation are at their most difficult, a ministry statement said.

Dispatch from captive mines has also been better than the previous year. Captive mines dispatched 75.68 MT against 71.43 MT last year, a growth of 5.94 per cent and an increase of 4.25 MT.

Provisional figures indicate the pace is picking up further as the monsoon begins to recede. In the ten days between September 1 and September 10, captive mines produced 4.12 MT and dispatched 4.21 MT.

New capacity is being added steadily to this base. Nine captive and commercial mines are expected to commence production during FY 2026-27, with a combined peak rated capacity of 20.67 MT. Three of these, with a peak capacity of 7.51 MT, have already started production during the current year. The remaining six are expected to commence production soon during the year, according to the statement.

On this footing, production from captive mines is expected to cross 190 MT in FY 2026-27. Together with commercial mines, the two segments are expected to exceed 228 MT during the current financial year, the statement said.

Captive mines have been a mainstay of coal production, and their output has grown steadily, with annual production recording a robust 10.1 per cent rise from 167.44 million tonnes (MT) in FY 2024-25 to 184 MT in FY 2025-26.

Along with commercial mines, which produced around 26 MT, the captive and commercial segment together accounted for 210 MT in FY 2025-26 against 190.95 MT the previous year.

Captive and commercial mines account for about 21 per cent of total domestic coal production, which stood at 1,039 MT in FY 2025-26 and has remained above one billion tonnes for the second year running. This performance has carried into the current financial year, the statement added.

Indian equities could be set for a re‑rating as second‑half earnings accelerate and domestic institutional capital returns, a report said on Friday.

The report from Omniscience Capital said that the consolidation phase should be treated as an accumulation window rather than as an opportunity to chase recent performance.

The firm said that opportunities lie in businesses benefiting from structural capital expenditure, energy transition and infrastructure development.

The report cautioned that pockets of the mid‑ and small‑cap segments remain richly valued and urged selective deployment into high‑quality growth businesses available at discounted valuations.

Opportunities are concentrated in businesses exposed to sustained growth and operating leverage but available at favourable valuations, the report noted.

Key areas include banking and financial services, infrastructure and power, and business services, supported by resilient credit growth, rising electricity demand and a recovery in corporate capex.

The moderation in Indian equity valuations has led to renewed institutional interest, with foreign investors turning net buyers on multiple occasions after a two-year moderation in valuations.

Domestic fundamentals remain supportive, with FY27 real GDP growth estimated at around 7 per cent even though crude oil prices call for caution.

With direct, retaliatory military actions between the US and Iran, the hope for a diplomatic resolution through a longer-term peace deal has taken a severe blow, the report forecasted.

“Multi-year forward earnings execution is fully priced in, leaving prospective returns barely near the discount rate while exposing investors to severe de-rating risk,” said Ashwin K. Shami, President & Chief Portfolio Manager, OmniScience Capital.

The firm saw a valuation disconnect across market capitalisations, with Nifty Smallcap 250 and Midcap 150 trading at trailing P/E multiples of around 34-fold and 30-fold, respectively, compared with around 20-fold for Nifty 100.

Global equity markets continue to contend with elevated risk-free rates, with US 10-year Treasury yields near one-year highs of 4.6 per cent-4.7 per cent, while geopolitical tensions have added volatility to crude oil and commodities. The US Federal Reserve’s policy decision on September 16 remains a near-term factor for Treasury yields and global risk appetite.