Topic Details (Notes format)

Labour Codes and Workforce Formalization

Subject: Economics

Book: Comprehensive Indian Economy - Additional Topics

India consolidated multiple labour laws into four broad codes—on wages, industrial relations, social security, and occupational safety—aiming to simplify compliance. The objective is to boost job creation, reduce informality, and ensure welfare benefits. Yet some fear erosion of workers’ bargaining power if layoffs become easier. In exams, highlight the challenge of effectively implementing codes across diverse states and how skill-building plus social security expansions can complement these reforms in raising productivity.

Practice Questions

Which of the following is NOT an example of a direct tax?

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Which of the following is a feature of monopolistic competition?

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What is the objective of the Pradhan Mantri Jan Dhan Yojana?

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What is “inclusive growth”?

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What is the “law of diminishing marginal utility”?

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What does the term “capital account” refer to in the balance of payments?

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What is meant by the term “current account deficit”?

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What does the term “elasticity of demand” measure?

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What is the meaning of "fiscal deficit"?

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Which of the following is NOT a component of Aggregate Demand?

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