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

What is the meaning of “dumping” in international trade?

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Which of the following sectors contributes the most to India’s GDP?

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What is “inflation targeting”?

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What is meant by “stagflation”?

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What is “quantitative easing”?

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Which of the following causes demand-pull inflation?

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What does the “Human Development Index” measure?

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What is meant by “marginal propensity to consume”?

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Which of the following is considered a public good?

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