India, Aug. 6 -- Achieving the vision of Viksit Bharat by 2047 will depend as much on modernising India's labour market as on strengthening its infrastructure, technological capabilities, and capital base. A young demographic alone does not guarantee growth; it must be supported by institutions that enable productivity, mobility, and formalisation at scale. In this context, the Labour Codes assume strategic importance. They are not merely a consolidation of twenty-nine labour laws, but a reorientation of how India balances flexibility, protection, and competitiveness in its labour market.

The Code on Wages seeks to establish a more harmonised and equitable wage framework. The statutory floor wage, to be determined by the Central Governme...