Economics
Modi Needs to Revamp Labor Laws to Spur Growth, Adviser Says
- Perception reforms progressing slowly unfounded: Panagariya
- Economy seen expanding at about 8% in next few years
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India should consider changing its federal labor laws to make it easier for companies to do business and attract foreign investments, a top government adviser said.
The administration should revive efforts to merge more than 40 labor laws into four, a move that would simplify some of the world’s most rigid rules for hiring and firing workers, Arvind Panagariya, vice chairman of NITI Aayog, the government’s top policy planning body, said in an interview Tuesday. While some states have overhauled rules governing labor, there is a need to change federal laws as well to make it uniform across the country, he said.