Dealing with a Crashed Labour Market : Economic Analysis of Labour Law Reforms in India Post COVID-19 Lockdown
The COVID-19 pandemic has brought new challenges for the economists and policy makers to analyse the market failures from a different perspective. With lockdown imposed across the country to contain the spread of the Corona virus, the markets and businesses closed down leaving thousands of people unemployed. With jobs gone, income vanished and savings used up, the labour market is in the worst condition in the history of Indian Economy. The hardest-hit among all people were the poor labourers engaged in the informal sector. The labour market had the hardest ever hit during the lockdown. With no demand and supply, the economy was trapped in the vicious cycle of economic recession with India recording negative GDP growth for the first time. In this situation, the much needed labour law reforms were brought by the state governments through promulgation of ordinances to revive the crashed labour market and stabilise the labour demand and labour supply. After almost 9 months, the impact can be seen in the economy. While the reforms were successful to an extent in bringing the labour economy back on track, the neo-liberal policies and reforms can’t bear fruits for much longer period.This paper attempts to examine the macroeconomic impact of the labour law reforms made in India to deal with the labour market failure due to the COVID-19 pandemic and find out whether the reforms guarantee higher employment in the long run. The paper also suggests some more reforms which should be undertaken to increase the employment while giving social protection to the labourers
Year of publication: |
2022
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Authors: | Agarwal, Pranay |
Publisher: |
[S.l.] : SSRN |
Subject: | Indien | India | Coronavirus | Arbeitsrecht | Labour law | Arbeitsmarkt | Labour market | Wirkungsanalyse | Impact assessment |
Saved in:
freely available
Extent: | 1 Online-Ressource (15 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 10, 2021 erstellt |
Other identifiers: | 10.2139/ssrn.4133765 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10014082412
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