“India Does Not Have A Jobs Problem” (29/8/2022)
“India Does Not Have A Jobs Problem”
Of the 63 million enterprises in India, only 1 million (1.6%) are in the formal sector.
There are 1,536 Government and State laws governing businesses in India – this adds up to 69,233 compliances that businesses may have to comply to. About half of these compliances carry imprisonment clauses.
Though the objective of these regulations is safeguarding employee welfare, it has disincentivized formalization, which has subsequently led to a wage problem in India.
