And for a Friday …..after a big ticket Reform …… Archaic Labour laws amended …… some thoughts …. some musings…..
Imagine the fourth largest economy in the world operating in the current AI driven ML Digital world of Smart phones & Social media …. with one of the world’s finest unified payment system with a fintech stack … average age of 29 years … the envy of the world ….. but … hold your breath …. look at the labour laws that prevailed ….some from the Colonial times ……Trade Union Act 1926 ……Payment of Wages Act 1936 …..Industrial Disputes Act 1947 …: though the Indian Parliament had approved the new codes in 2019 ….. such was the fierce opposition & political unwillingness by those who are enriched & cosied by the current system …. finally the GOI have summoned the much needed gumption on 21 st November …..replaced more than 40 central & 100 State Govt Labour acts now notified Under four codes …::.. applicable across the country …. 1) Wages 2) Health & Working Conditions 3) Social Security & Occupational Safety & 4) Industrial Relations……Ofcourse Labour being a concurrent subject the Rules & Regulatiins will need to be well drafted with the participation of State Governments ….…. a Huge challenging task …..
A young population of 29 years median age is a demographic dividend only as long as the youth can be meaningfully engaged into the National Economy….. every year 8 million youth enter the labour market …. so the challenge is to find 8 mn jobs every year in these BANI times…. B-Brittle A-Anxious N-Nonlinear I- Incomprehensible ….times …given the uncertainties due Wars , Geopolitics, trade disruptions , Climate change etcetc …..workers today are no longer only the unskilled rural or the blue collar labour to be covered in labour laws …. Educated Gig workers … call centre workers … fintech operators in micro financing ….. huge Data centre Engineers & educated women the 50% of the untapped markets ….need to be included in scope ….. fortunately the state governments are also realising the need for Investments …. Private capital & Economic growth …..hence every state is in competition with its neighbours …..irrespective of political affiliations …. For states to win the competition the CMs cannot be just Political heads but CEOs of their states to spearhead the Economic engine……eg what Chandra Babu Naidu is doing to current AP ……India has its unique paths to sustainable growth …..
Let us all welcome the new Labour Codes & support the formulation of the appropriate Rules …… the equitable way ….. the growth impetus way …… the SEEGOS way.