India Minimum Wage Increase: Impact of Foreign Monetary Policy on Indian Trade
Understanding the India Minimum Wage Increase
In light of escalating costs, the Indian government announced an increase in minimum wage rates for workers up to Rs 1,035 a day, effective from October 1, 2023. This adjustment addresses the needs of labourers amid rising living costs and follows a 2.40-point increase in the consumer price index (CPI) for industrial workers.
New Minimum Wage Rates
- Unskilled Workers: Rs 783/day (Rs 20,358/month)
- Semi-Skilled Workers: Rs 868/day (Rs 22,568/month)
- Skilled Workers: Rs 954/day (Rs 24,804/month)
- Highly Skilled Workers: Rs 1,035/day (Rs 26,910/month)
The government revises these wages biannually based on inflation trends. Recent protests by thousands of workers underline the urgency for fair pay and the call for repeal of several labour codes perceived as beneficial to multinational corporations.
Broader Implications for Indian Trade
These adjustments reflect a broader response to the impacts of foreign monetary policy on Indian trade. Ensuring fair wages is crucial in maintaining a productive workforce in a fluctuating economy.
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