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The economy of Bangladesh is a major developing market economy. As the second-largest economy in South Asia, Bangladesh's economy is the 35th largest in the world in nominal terms, and 25th largest by purchasing power parity. Bangladesh is seen by various financial institutions as one of the Next Eleven. It has been transitioning from being a frontier market into an emerging market. Bangladesh is a member of the South Asian Free Trade Area and the World Trade Organization. In fiscal year 2021–2022, Bangladesh registered a GDP growth rate of 7.2% after the global pandemic. Bangladesh is one of the fastest growing economies in the world.
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Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, and disability insurance. Employment is typically governed by employment laws, organisation or legal contracts.
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Retailing in India is one of the pillars of its economy and accounts for about 10 percent of its GDP. The Indian retail market is estimated to be worth $1.3 trillion as of 2022. India is one of the fastest growing retail markets in the world, with 1.4 billion people.
The information technology (I.T.) industry in India comprises information technology services and business process outsourcing. The share of the IT-BPM sector in the GDP of India is 7.4% in FY 2022. The IT and BPM industries' revenue is estimated at US$ 245 billion in FY 2023. The domestic revenue of the IT industry is estimated at $51 billion, and export revenue is estimated at $194 billion in FY 2023. The IT–BPM sector overall employs 5.4 million people as of March 2023. In December 2022, Union Minister of State for Electronics and IT Rajeev Chandrasekhar, in a written reply to a question in Rajya Sabha informed that IT units registered with state-run Software Technology Parks of India (STPI) and Special Economic Zones have exported software worth Rs 11.59 lakh crore in 2021–22.
The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development. Although some attempts at liberalisation were made in 1966 and the early 1980s, a more thorough liberalisation was initiated in 1991.
Indian labour law refers to law regulating labour in India. Traditionally, the Indian government at the federal and state levels has sought to ensure a high degree of protection for workers, but in practice, this differs due to the form of government and because labour is a subject in the concurrent list of the Indian Constitution. The Minimum Wages Act 1948 requires companies to pay the minimum wage set by the government alongside limiting working weeks to 40 hours. Overtime is strongly discouraged with the premium on overtime being 100% of the total wage. The Payment of Wages Act 1936 mandates the payment of wages on time on the last working day of every month via bank transfer or postal service. The Factories Act 1948 and the Shops and Establishment Act 1960 mandate 15 working days of fully paid vacation leave and 7 casual leaves each year to each employee, with an additional 7 fully paid sick days. The Maternity Benefit (Amendment) Act, 2017 gives female employees of every company the right to take 6 months' worth of fully paid maternity leave. It also provides for 6 weeks worth of paid leaves in case of miscarriage or medical termination of pregnancy. The Employees' Provident Fund Organisation and the Employees' State Insurance, governed by statutory acts provide workers with necessary social security for retirement benefits and medical and unemployment benefits respectively. Workers entitled to be covered under the Employees' State Insurance are also entitled to 90 days worth of paid medical leaves. A contract of employment can always provide for more rights than the statutory minimum set rights. The Indian parliament passed four labour codes in the 2019 and 2020 sessions. These four codes will consolidate 44 existing labour laws. They are: The Industrial Relations Code 2020, The Code on Social Security 2020, The Occupational Safety, Health and Working Conditions Code, 2020 and The Code on Wages 2019.
Rural poverty refers to situations where people living in non-urban regions are in a state or condition of lacking the financial resources and essentials for living. It takes account of factors of rural society, rural economy, and political systems that give rise to the marginalization and economic disadvantage found there. Rural areas, because of their small, spread-out populations, typically have less well maintained infrastructure and a harder time accessing markets, which tend to be concentrated in population centers.
A significant proportion of children in India are engaged in child labour. In 2011, the national census of India found that the total number of child labourers, aged [5–14], to be at 10.12 million, out of the total of 259.64 million children in that age group. The child labour problem is not unique to India; worldwide, about 217 million children work, many full-time.
Renana Jhabvala is an Indian social worker based in Ahmedabad, India, who has been active for decades in organising women into organisations and trade unions in India, and has been extensively involved in policy issues relating to poor women and the informal economy. She is best known for her long association with the Self-Employed Women's Association (SEWA), India, and for her writings on issues of women in the informal economy.
Impact sourcing, also known as socially responsible outsourcing, refers to an arm of the business process outsourcing (BPO) industry. It employs people at the base of the pyramid or socioeconomically disadvantaged individuals as principal workers in BPO centers to provide high-quality, information-based services to domestic and international clients. The traditional BPO sector is typically associated with high-end, high-contact functions like call centers, which require significant education and language literacy levels. The impact sourcing sector focuses on utilizing workers from poor and vulnerable communities to perform functions with lower and moderate skill requirements such as scanning documents, data-entry work, data verification and cleaning, video tagging, and microwork.
The National Commission for Enterprises in the Unorganised Sector (NCEUS) is a national body commissioned by the Indian government to address the issues faced by enterprises in relation to the unorganised sector
References
- ↑ Report On Conditions Of Work And Promotion Of Livelihoods In The Unorganised Sector. Academic Foundation. 1 January 2008. p. 1774. ISBN 978-81-7188-678-4 . Retrieved 26 March 2013.
- ↑ Rapaka Satya Raju (1989). Urban Unorganised Sector in India. Mittal Publications. pp. 11–17. GGKEY:J0UK90X1FYN. Retrieved 26 March 2013.
- ↑ Kulwant Rai Gupta (1 January 2009). Economics of Development and taPlanning. Atlantic Publishers & Dist. p. 746. ISBN 978-81-269-1011-3 . Retrieved 26 March 2013.
- ↑ Ruddar Datt (1 January 2008). Growth, Poverty, and Equity: Story of India's Economic Development. Deep & Deep. p. 134. ISBN 978-81-8450-088-2 . Retrieved 26 March 2013.
- ↑ Rehman Sobhan (4 October 2010). Challenging the Injustice of Poverty: Agendas for Inclusive Development in South Asia. SAGE Publications. p. 131. ISBN 978-81-321-0468-1 . Retrieved 26 March 2013.
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