India is emerging as one of the most powerful economies globally. Recently we have surpassed the United Kingdom (UK) and have established ourselves as the fifth-largest economy in the world, valued at $3.5 trillion. It's a proud moment for all of us.
However, there are some concerns related to this growth. If you look closely, India's per capita Gross Domestic Product (GDP) is very low. In reality, this denotes the average income of an Indian worker is less than that of other countries. For instance, an Indian worker earns $2,500 a year, whereas, in the UK, workers make around $47,000 per year. Comparing this number to other countries, we are very low.
But why is there a significant difference? The primary reason is that over 90 per cent of India's workforce is in the unorganised sector. Based on these aspects, the Indian government has passed new labour codes.
The Indian government has passed four labour codes expected to ensure that the worker's sector has minimum wages and social security. Now let's have a look at them in detail.
This is a crucial code passed by the Indian government, and it was initially notified in August 2019. This subsumes the provisions of four different laws: the Payment of Wages Act, the Minimum Wages Act, the Payment of Bonus Act 1965, and the Equal Remuneration Act.
This code provides uniform applicability of various provisions and timely payment of wages to all employees. Under this code, the...
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