Labour codes: Reform 2.0

Economic reforms require expending political capital by the governments, as the benefits of reforms are spread thin and become apparent only with a time lag

After the Atmanirbhar Bharat stimulus package, our government has embarked on two major reforms — in agriculture and labour laws. These policy reforms are market-orientated, bringing efficiency, transparency and ease of compliance in both the segments.

There is hue and cry about agriculture reforms in certain sections. But little is being discussed about labour law reforms, which are to be notified in April 2021. As these are also very important, a larger debate is welcome at this juncture.

India had 67 per cent of its population in the working age (15-64 years) in 2019, according to the World Bank. This high ratio