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 is the largest source of tax revenue for the Government of India?

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Which of the following is NOT an example of an indirect tax?

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What is “CRR” in banking terminology?

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Which organization publishes the Human Development Index (HDI)?

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Which economic concept is described as “the next best alternative foregone”?

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What is “fiscal stimulus”?

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Which organization is responsible for estimating India’s Gross Domestic Product (GDP)?

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What does the term “elasticity of demand” measure?

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What is “quantitative easing”?

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Which of the following is a characteristic of “perfect competition”?

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