By Rishi Agrawal, Co-Founder & CEO, TeamLease Regtech
Recently, India surpassed the UK to become the fifth largest economy in the world, valued at a whopping $3.5 trillion. Despite being the world’s fastest-growing major economy, it lags far behind when it comes to per capita GDP. The reality remains that the average income of an Indian worker is a mere $2,500 per annum while in the UK, it is almost 19 times this amount (at around $47,000 per annum).
As one of the four factors of production, labour plays a crucial role in determining the economic growth of a country. Unfortunately, India has been operating with an outdated and asynchronous legal framework that has slowed worker welfare in the country. The colonial-era labour laws designed to address the socio-economic exigencies of the time have outlived their welcome in the new era of development.
While the need for labour law reforms has persisted for years, it was only in 2020 that India finally embarked on a long-overdue journey of reimagining its labour law regime. The enactment of the four new Codes has set the stage for India to usher in the next phase of economic boom. As the nation eagerly awaits the enforcement of the Codes, this article takes a look at how the changes introduced will impact India’s workforce.
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