India, April 1 -- India's new labour codes mark the most significant restructuring of labour regulation since Independence. At the heart of this reform is the Code on Wages, which seeks to rationalise and strengthen the minimum wage framework. The timing of these reforms is critical, as informality continues to dominate India's labour market. PLFS data indicate rising informal employment. Even within the formal sector, social security coverage remains limited, with 43.6% of workers still without benefits. Inter-state disparities are stark, with Bihar, Chhattisgarh, Madhya Pradesh, Odisha, Rajasthan, and Jharkhand reporting informality levels of 85-90%. Also, there has been a persistent gap between productivity and wage growth, suggesting ...