4 min read.Updated: 10 Jan 2018, 02:16 AM ISTAjit Ranade
It is time to reorient labour laws to abide by the principle of 'protect the worker, not the jobs'
This past year, an estimated 75,000 jobs were lost in the telecom sector due to financial stress in companies, and industry consolidation leading to redundancies. Another 50,000 jobs may have been lost in the information technology sector, as the industry faces new challenges due to Artificial Intelligence and H-1B visa woes. These are but two examples of formal sector job losses. According to the BSE-CMIE (Centre for Monitoring Indian Economy) survey, the estimated job losses due to the impact of demonetisation could be anywhere between three million and 12 million, in the subsequent two or three quarters that followed the disruptive announcement in November 2016.