Inequality, Informality, Marginality and Unemployment (IIMU) in Indian Labor Market during Covid-19 Pandemic

Narender Thakur; Vipin Negi

doi:10.48001/veethika.2022.08.03.001

Authors

Narender Thakur Dr. Bhim Rao Ambedkar College, University of Delhi, Delhi http://orcid.org/0000-0002-2772-3773
Vipin Negi Keshav Mahavidyalaya, University of Delhi, Delhi https://orcid.org/0000-0002-9568-6900

DOI:

https://doi.org/10.48001/veethika.2022.08.03.001

Keywords:

Absolute surplus and relative surplus, wages and profit, wage code and labor code bills, Fiscal stimulus package, Indian labor market

Abstract

This paper examines inequality, informality, marginality and unemployment in Indian labor market during Covid-19 Pandemic. These four concepts are dynamically examined in the context of wage code, 2019 and the recent three labor codes, 2020 passed in parliament by the central government to expand the neo-liberal global capitalism agenda to increase surplus rate via higher exploitation rate of workers. The paper also critically analyses the economic package announced by the government with insignificant share of fiscal policy measures rather monetary policy measures including loan and credit. Alternatively, this paper advocates a fiscal stimulus package to counter the challenges of lives and livelihood of the workers especially informal workers in the Indian labor market.

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