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Economy

National Floor Wage Revision: Economic and Labour Reforms Under New Labour Codes

Livemint - EconomyPrelims · EconomyMains · GS3 Economy

The Centre plans to raise the national daily minimum wage to ₹350-450, addressing worker disgruntlement and wage stagnation, while states like Uttar Pradesh and Haryana have already implemented significant hikes.

  • Code on Wages, 2019 provides for a national floor wage, ensuring states cannot set wages below this baseline, aimed at reducing disparities across skilled, semi-skilled, and unskilled categories.
  • Economic Survey 2024-25 highlights the widening gap between corporate profits (22% EBITDA margin) and stagnant wages, particularly in entry-level IT roles, underscoring the need for wage reforms.
  • Industrial Relations Code, 2020 focuses on dispute resolution and hiring flexibility, complementing the wage reforms to enhance labour market efficiency.

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Polity & GovernanceGS2

International RelationsGS2

Strait of Hormuz Crisis: Iran's Maritime Strategy and Global Energy Security

Indian Express - ExplainedPrelims · International relationsMains · GS2 International relations

Iran's imposition of transit fees and military control over the Strait of Hormuz threatens global energy security and challenges international maritime law, with 20% of global oil trade passing through this chokepoint.

EconomyGS3

Growing Financial Disparity in MLB Highlights Economic Inequality in Sports

Times of India - IndiaPrelims · Current affairsMains · GS3 Economy

The Los Angeles Dodgers set a record with $514.6 million in payroll and luxury tax in 2025, highlighting widening financial gaps in Major League Baseball, which raises questions about competitive balance and economic fairness in professional sports.