THE Government of India proposed four Labour Codes claiming to reform the employer-worker relationship which was otherwise archaic and complex with too many rules and regulations. The much-needed labour reform as had been argued was meant to simplify the rules, address the changing needs of production flexibility and to take care of the ‘unprotected’ who are employed in the informal sector. These reforms are proposed in the context of the larger argument that competitiveness of Indian producers suffers due to labour market rigidity.

ACCORDING to Donald Trump it is time for a reverse relocation of manufacturing from the Global South to the US. He expressed his anguish to Apple CEO Tim Cook for the plan to extend operations in India. US now needs manufacturing because by relocating low value-added assembling, they would be able to provide jobs to average Americans who badly need them. Apple employs 3 lakh workers in China and 60,000 in India. If these facilities are relocated, US could straight away create about 3.5 lakhs new jobs!

WHETHER it is neoliberalism or neoconservatism, as seen with the rise of Trump, it fundamentally serves to protect the hegemony of the rentier class while increasing the burden on working people. Since the 1970s, governments, academia, and the media have promoted ideals like free markets, trade, a level playing field, and multilateral trade norms where countries are seen as equal trading partners – at least in principle. The concept of a "flat world" and the "global village" symbolised interdependence between countries based on mutual gains.

INCREASED dependence on debt and depletion of savings by average Indian households has been recognised as the emerging trend in the past three years. According to a recent RBI report India’s household debt has been 42.9 per cent of GDP at current market prices. The Financial Stability Report also recognises that the number of borrowers increased in the recent past. Increased dependence on personal loans, credit cards, consumer durable loans and other personal loans are on the rise.

A HUGE campaign is going on across the country about India aspiring to become a developed country in 2047. There is nothing wrong in targeting something big with a hope that even if it fails, we could reach somewhere near to what had been the goal. However, the goal shouldn’t be so unrealistic that people think it infeasible in the first place. India is currently the fastest growing economy in the world and there is possibility of relatively high growth being maintained in India over the coming years compared to global average.