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This report is from this week’s CNBC’s “Inside India” newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse. Subscribe here.
India lives in contradictions — think landing a spacecraft on moon but not getting basic infrastructure right, or being the world’s fastest growing economy that has millions struggling to make ends meet. The country’s labor market is yet another area emblematic of that paradox.
While big businesses have bemoaned rigid labor market laws in the country, several startups have fast become unicorns, making use of the flexibility that came with employing vast armies of gig workers, many of whom have no employment protection or social welfare.
Last Friday, when the Indian government announced labor reforms, consolidating 29 separate labor laws into four comprehensive codes, it attempted to address these incongruities — balancing business interests with employee welfare.
