Theme
Technology and Regulation
Innovation pace versus policy agility
Theme
Labour Market Readiness
Productivity and implementation gaps
Theme
Policy Discourse
States, centre, unions, and wage debate
Technology, Regulation and the Compliance Gap
Sweeping technological advancements are creating a sea change in today’s regulatory environment. The pace of development of today’s technological innovations and the scope of the transformations they induce is indeed unprecedented.
At times, regulatory frameworks are not agile enough to accommodate the fast pace of innovation and, as a consequence, existing rules become outdated and no longer relevant.
Lack of clarity on how innovations impact markets and societies makes it challenging for governments to strike a balance between encouraging innovation and protecting stakeholder interests.
Karma Global: Compliance Resilience
However, Karma Global, a leading international solution provider in regulatory compliance, has remained resilient by integrating sophisticated AI into its tools and processes, while expanding its presence across the U.K, U.S., Canada, the Middle East and South East Asia.
Practical Value
Regulatory intelligence, governance-ready systems, and execution support for reform-led change.
Budget 2024 and the Labour Market Question
As India prepares for Budget 2024, several economic positives are expected to be highlighted, including strong GDP growth, sustained capital expenditure, expansion of digital payments, and robust foreign exchange reserves.
Economist perspective
Abheek Barua, Chief Economist at HDFC Bank, notes that India continues to face structural labour productivity challenges and must focus on strengthening traditionally labour-intensive sectors.
The persistent concerns around labour market efficiency underscore the importance of a unified and nationally accepted labour code framework.
Labour Secretary Sumita Dawra recently chaired a meeting with labour secretaries and commissioners of all states and union territories to assess preparedness for labour code implementation and the quality of draft rules.
States vs Centre: Implementation Challenges
Despite central efforts, implementation has faced criticism, with several states yet to pre-publish draft rules under one or more labour codes.
States and regions yet to notify draft rules
Meghalaya, Nagaland, Tamil Nadu, West Bengal, Lakshadweep, Sikkim, Andaman and Nicobar Islands, and NCT of Delhi.
Trade Union Opposition and Wage Demands
In pre-budget consultations, trade unions urged the government to restore the Old Pension Scheme and repeal the four labour codes.
Trade Union position
TUCC President Induprakash Menon advocated for a minimum wage of ₹26,000 per month with indexation, calling for restoration of the earlier labour statutes.
Karma Global Perspective
Organisations navigating labour reforms benefit from governance-ready payroll, compliance automation, and state-wise regulatory intelligence.
Proprietary blog of Karma Global, compiled by internal staff for newsletter Issue 25 (July 2024).
For compliance insights, write to marketing@karmamgmt.com
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