social security coverage
New Labour Codes Expected to Boost Indian Economy by Rs 75,000 Crore and Increase Formal Employment
Nov 26, 2025 12:47 am CST
India's new labour codes implemented on November 21 are projected to boost consumption by Rs 75,000 crore according to SBI economists. The reforms will likely increase formal workforce participation by 15%, expand social security coverage to 85% within three years, and reduce unemployment by 1.3%. These changes represent a significant transformation for India's labour market, benefiting approximately 10 crore workers shifting from informal to formal employment.
India's Labour Reforms Expected to Create 77 Lakh New Jobs and Boost Formal Employment
Nov 25, 2025 02:56 pm CST
New labour codes in India could reduce unemployment by 1.3% and generate 77 lakh jobs according to a State Bank of India report. The reforms will increase formal workforce to 75.5%, improve social security coverage to 85%, and boost consumption by Rs 75,000 crore, significantly strengthening India's labour ecosystem and economic growth.