Question : Which of the following is a measure to promote formal employment in India?
Option 1: Implementing labor market reforms
Option 2: Providing unemployment benefits
Option 3: Enhancing job security
Option 4: Promoting self-employment
Correct Answer: Implementing labor market reforms
Solution : The correct answer is (a) Implementing labor market reforms
The measure to promote formal employment in India is implementing labor market reforms. Labor market reforms aim to create an environment that encourages businesses to hire workers formally, providing them with legal protections, benefits, and social security. These reforms can include simplifying labor laws, reducing compliance burdens, promoting flexibility in hiring and firing practices, and improving the ease of doing business. By creating a favorable environment for formal employment, it becomes more attractive for both employers and employees to operate within the formal sector, leading to increased job opportunities and better labor market outcomes.
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