Four labour codes: A new social compact for a competitive India

Worker security, enterprise agility and investor confidence should deliver faster and fairer growth

- R. MUKUNDAN & CHANDRAJIT BANERJEE

India's long-awaited labour reforms mark a defining moment for our economic and social trajectory. The consolidation of 29 Central labour laws into four Labour Codes represents one of the most forward-looking and inclusive transformations undertaken since Independence. Apart from decades of economic learnings, extensive dialogue with workers, industry and state governments went into these. They reflect a recognition that the world of work has changed and India's labour framework must evolve to match the dynamism of a rapidly modernizing economy.

India is at an inflection point. To become a $5 trillion economy by 2028-29, we need a robust workforce, for which the legal framework must deliver security, opportunity and flexibility for both workers and enterprises. The four Labour Codes—on Wages, Industrial Relations, Social Security and Occupational Safety, Health and Working Conditions—aim to do that by laying a foundation for a more secure workforce and a more competitive industry.