India’s new labour codes—four sweeping laws meant to replace 29 fusty statutes—promise to simplify compliance, broaden social security and grant firms the flexibility to hire, fire and grow. But then, India has a habit of announcing reforms that look splendid on paper but get bungled on execution. Will the new labour code join this tradition? The country’s recent economic reforms have followed this predictable arc: ambitious legislation drafted in Delhi, halting implementation in the states and an eventual outcome far removed from the intent. The Insolvency and Bankruptcy Code (IBC), for instance, was intended to be a swift and fearsome mechanism for disciplining errant borrowers. It soon became bogged down in court delays, procedural squabbles and corruption. Delays and gaming the

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