Indian Economy News & Discussion - Nov 27 2017

[A_Gupta]

When you are changing the meaning of a historical term, you have to explain, and keep explaining.

Let me give an example of the shifting meaning:

1. 1905 Swadeshi - throw your iPhone into the bonfire of foreign goods on your street, and don't buy any more.
2. 1947 Swadeshi - iPhone is banned, use instead the product of the Electronics Corporation of India Limited.
3. 2025 Swadeshi - build the iPhone in India for domestic use and for export.

Note that under meanings (1.) and (2.), the foreign investment which results in (3.) won't happen, if the foreign investor looks at the historical meaning.

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Further, the iPhone in India itself is made of many imported parts. The 2025 Swadeshi is - start making those parts domestically as well.

[A_Gupta]

Govt press release
https://www.pib.gov.in/PressReleasePage ... ID=2192463

Government Makes the Four Labour Codes effective to Simplify and Streamline Labour Laws


Four Labour Codes Herald Transformational Change: Better Wages, Safety, Social Security & Enhanced Welfare for India’s Workforce

Codes lay the foundation for a protected, future-ready workforce and resilient industries, boosting employment and driving labour reforms for Aatmanirbhar Bharat

Code aligns India’s labour ecosystem with global standards, ensuring social justice for all workers

Posted On: 21 NOV 2025 3:00PM by PIB Delhi

In a historic decision, the Government of India has announced that the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 are being made effective from 21st November 2025, rationalising 29 existing labour laws.

By modernising labour regulations, enhancing workers' welfare and aligning the labour ecosystem with the evolving world of work, this landmark move lays the foundation for a future-ready workforce and stronger, resilient industries driving labour reforms for Aatmanirbhar Bharat.

Many of India’s labour laws were framed in the pre-Independence and early post-Independence era (1930s–1950s), at a time when the economy and world of work were fundamentally different. While most major economies have updated and consolidated their labour regulations in recent decades, India continued to operate under fragmented, complex and in several parts outdated provisions spread across 29 Central labour laws. These restrictive frameworks struggled to keep pace with changing economic realities and evolving forms of employment, creating uncertainty and increasing compliance burden for both workers and industry.

The implementation of the four Labour Codes addresses this long-pending need to move beyond colonial-era structures and align with modern global trends. Together, these Codes empower both workers and enterprises, building a workforce that is protected, productive and aligned with the evolving world of work — paving the way for a more resilient, competitive and self-reliant nation.

[Suraj]

Make In India is not an autarkic policy. It's a mercantilist approach. The problem is that mercantilism has been deemed evil because it espouses a zero sum mindset, and that's a trade policy you don't want to be shouting loudly about. Instead they wrapped it up in the nicely ambiguous swadeshi sounding Make In India. The problem is that it's led to also confusing Indians themselves.The goal is still fundamentally to drive up exports and drive down imports.In that regard it could not be more different from autarky, which fundamentally treats trade itself with suspicion.

[gakakkad]

^ would you say prc has been a mercantilist economy last few decades ? Because its one of the most export driven economy out there.

[Suraj]

Oh yes and they've been exemplary at the copy-learn-scale approach to mercantilism. Something we ought to do, including particularly by grabbing their technology by any and all means possible.