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A Closer Look at Patent Registration Strategies

In the dynamic landscape of intellectual property, India’s emerging role in research and development is shaping global patent trends. This article delves into the nuances of India’s patent framework, highlighting key strategies for businesses, inventors, and policymakers.

India’s Growing Patent Landscape

India’s robust history of science and innovation positions it as a key player in the global patent arena. With a focus on fostering a knowledge economy and supporting startup environments, the nation has witnessed a significant surge in patent filings. In the last reporting year, there was a remarkable 13.57% increase in patent filings, with domestic applications constituting 44.41% of the total. This surge, particularly in tech fields like computer science and engineering, underscores India’s trajectory in technological development.

Despite this progress, India faces stiff competition globally, lagging behind leaders like China, the United States, Japan, and Korea. In 2020, India accounted for only 3.8% of all patent filings globally, emphasising the need for strategic patent registration to bolster innovation and economic growth.

Strategic Considerations for Patent Registration in India

Several factors influence patent registration strategies in India:

Market Dynamics and Consumer Base:

  • Leverage India’s large and diverse population to drive research and development, catering to local needs.
  • Patenting for the Indian market provides a competitive edge.

Competitive Landscape:

  • Navigate the growing economy by protecting innovations from global and local competitors.
  • Patent protection becomes crucial to maintain market exclusivity.

Innovation and Research & Development:

  • Align patent strategies with India’s economic growth, focusing on sectors like IT, pharma, biotech, and renewables.
  • Explore patenting as a means to encourage and protect R&D investments.

Licensing and Collaboration:

  • Tap into India’s market growth through local partnerships.
  • Licensing agreements and collaborations safeguard intellectual property rights.

Counterfeiting and Piracy:

  • Strengthen patent plans to defend against counterfeiting risks in a rapidly growing economy.
  • Protect brand integrity and market share through robust patent strategies.

Global Expansion:

  • Consider international patent protection to safeguard innovations not only in India but also in key global markets.

Policy and Regulatory Changes:

  • Stay updated on evolving IP laws in response to India’s shifting economic landscape.
  • Adapt patent strategies to align with regulatory changes.

Cost Considerations:

  • Leverage India’s affordable R&D for cost-effective patent plans.
  • Optimise patent filings globally based on business goals and budget considerations.

Market Entry Timing:

  • Strategically time patent filings to coincide with product launches or market entry for optimal protection.

Navigating India’s Patentability Criteria

Understanding India’s patent laws is crucial for navigating patentability criteria. Key aspects include novelty, inventive step, industrial applicability, subject matter eligibility, exemptions for software and business methods, sufficiency of disclosure, filing requirements, priority claims, patent examination and opposition, term of patents, compulsory licensing, and parallel imports.

The Role of the National Biodiversity Authority (NBA)

For patents related to biological resources, India’s National Biodiversity Authority plays a crucial role. The NBA regulates patents to protect local biodiversity and ensure fair benefit-sharing. The process involves checking if an invention uses bio-resources, obtaining prior informed consent, negotiating ABS agreements, and complying with reporting requirements.

Software-Related Inventions in India

The patenting of software or computer-related inventions (CRIs) in India requires a demonstration of technical progression. While stand-alone computer programs are generally not patentable, those with a discernible technical effect may qualify for patent protection. The Ferid Allani case judgement in 2022 clarified patentability standards for software-related inventions, aligning them with global norms.

Expedited Examination Strategies

To expedite patent examination in India, applicants can request expedited examination under Rule 24C. Conditions for expedited examination include designations as the international searching or preliminary examining authority, start-up status, national emergency, applicant’s gender, or government department affiliation. Additionally, the Patent Prosecution Highway (PPH) offers a streamlined process for faster decisions.

Foreign Filing Licences and Third-Party Opposition

Navigating foreign filing licences is crucial for multinational corporations, ensuring adherence to India’s national interests before filing patents abroad. The Indian patent system allows third-party opposition through pre-grant and post-grant oppositions, ensuring a rigorous screening of patent applications and grants.

Expected Rule Changes in 2023

Proposed amendments to the Patent Rules 2003 aim to enhance the efficiency of the patent application process in India. Changes include a reduced request for examination timeline, provisions for voluntary filing of divisional applications, mandated disclosure of foreign filings, controller access to foreign patent processing information, enhanced clarity on patent application abstract requirements, and a six-month grace period for restoration requests.

Implications for Patent Applicants

Prospective patent applicants should stay informed about the proposed rule changes, strategising accordingly for prompt action, increased flexibility in patent protection, scrutiny of foreign applications, and adherence to foreign filing licence requirements.

Advantages and Drawbacks of Trademark and Design Protection in India


The Indian business landscape is rife with opportunities for growth, prompting companies to delve into the realm of intellectual property rights (IPR). Covering patents, trademarks, copyrights, trade secrets, and geographical indications, IPR plays a crucial role in safeguarding innovations and creations. This article explores the advantages and drawbacks of trademark and design protection in India, shedding light on the legal frameworks, registration processes, and strategic considerations.

Intellectual Property Rights in India: A Brief Overview

India’s IPR framework encompasses diverse categories regulated by specific laws, such as the Patents Act 1970, the Copyright Act 1957, the Trade Marks Act 1999, and the Designs Act 2000. Each of these laws serves a unique purpose, granting exclusive rights to creators while ensuring public access under defined circumstances.

Trademark Protection in India: Strengths and Challenges

Trademark protection, governed by the Trade Marks Act 1999, secures brand identities, logos, and symbols. Registering a trademark in India provides exclusive usage rights, but this comes with advantages and drawbacks.

Advantages of National Trademark Registration in India

Robust Protection: National registration offers strong defense against infringement, covering the entire country.

Flexibility: Applicants can modify applications during the process to align with evolving business needs.

Autonomy: Independent of international agreements, providing more control.

Business Value: Enhances company value, making it attractive to potential buyers.

Legal Action: Enables legal action against unauthorised use, safeguarding brand integrity.

Drawbacks of National Trademark Registration in India

Time-Consuming Process: Backlog at the Indian Trademark Registry can lead to delays.

Limited to India: Protection doesn’t extend to other countries, requiring separate applications.

Cost Inefficiency: Filing in multiple countries can be costlier than regional or international options.

International Trademark Registration via Madrid Protocol

India’s participation in the Madrid Protocol introduces a streamlined approach to international trademark protection.

Advantages of Madrid Protocol

Simplified Process: Single application covers multiple member countries.

Cost-Effective: Reduced administrative costs compared to individual country filings.

Centralised Management: Streamlines administrative tasks, renewals, and changes.

Drawbacks of Madrid Protocol

Dependency on Home Country Stability: Issues in the home country application affect international protection.

Limitations in Designations: Designating additional countries is bound by original constraints.

Central Attack Risks: Issues with the home country application impact international registrations.

Strategies for Trademark Protection in India

Trademark protection strategies in India involve proactive measures, including registration, trademark searches, watch services, timely renewal, and cautious licensing or assignment.

Design Protection in India: National vs. International

The Designs Act 2000 governs design protection, emphasising the visual aspects of products. Understanding the pros and cons of national and international registration is crucial.

National Design Registration in India

Advantages of National Design Registration

Comprehensive Protection: Exclusive rights within India guard against unauthorised use.

Independence: Not dependent on international treaties or foreign registrations.

Cost-Effective: More economical than international design applications.

Drawbacks of National Design Registration

Limited to India: Requires separate applications for international protection.

Vulnerability Outside India: Lacks automatic recognition and protection outside India.

Time-Consuming Process: Delays in securing desired protection.

International Design Registration via Hague System

India’s recent inclusion in the Hague System streamlines the international design registration process.

Advantages of Hague System

Streamlined Process: Single application covers multiple countries, reducing administrative burden.

Cost-Effective: Efficient option for protecting designs across various jurisdictions.

Centralised Management: Simplifies administrative tasks, renewals, and changes.

Drawbacks of Hague System

Dependency on Home Country Application: Issues with the primary application affect international protection.

Limitations in Subsequent Designations: Bound by constraints of the original submission.

Central Attack Risks: Issues with the home country application impact international registrations.

Integrated Approach: Trademark and Design Protection Strategy

Developing a resilient prosecution strategy involves integrating trademark and design registrations at both national and international levels.

National Registrations: Lay the foundation with national trademark and design registrations for robust local protection.

International Reach: Utilise Madrid Protocol and Hague System for efficient and cost-effective global protection.

Strategic Timing: Strategically time international applications for maximum efficiency and cost savings.

Vigilant Enforcement: Actively enforce trademark and design rights through vigilant monitoring and legal action.

Ongoing Maintenance: Regularly renew and update registrations, expanding protection as the business evolves.

Navigating India’s intellectual property landscape requires a comprehensive understanding of trademark and design protection. By strategically blending national and international registrations, companies can fortify their intellectual property assets, adapt to evolving markets, and ensure long-term success in the dynamic world of intellectual property rights.

Midcap Stock Jumps 6% After Company Signs Trademark License Agreement With US-based Firm


Shares of Metro Brands Limited, a prominent mid-cap footwear stock, surged by an impressive 6% in Thursday’s trading session. This surge follows the company’s announcement of a strategic Trademark License Agreement with Foot Locker Retail, Inc., a renowned American sportswear and footwear retailer headquartered in New York.

With a market capitalisation of ₹ 38,056.95 crores, Metro Brands Limited opened Thursday’s trading session at ₹ 1,371.50 and presently trades at ₹ 1,400.25. This substantial gain of 6% signifies a positive trend compared to the previous closing levels of ₹ 1,325.65 per share. Over the past year, the company’s stock has exhibited remarkable growth, providing investors with returns of approximately 70%.

The bullish momentum in Metro Brands’ stock today can be directly attributed to the recent Trademark License Agreement disclosed through a regulatory filing with the Bombay Stock Exchange (BSE). This agreement empowers Metro Brands with exclusive rights to open and operate athletic and casual footwear/apparel stores in India under the prestigious brand names ‘FOOT LOCKER®’ and ‘KIDS FOOT LOCKER®.’

Metro Brands Limited currently boasts 795 stores across 189 cities in India, offering a diverse range of branded footwear and accessories for various occasions, from formal to casual events. The company has experienced a notable increase of 53% in e-commerce revenue, reflecting its adaptability to changing consumer preferences.

Despite witnessing a dip in prime indicators like operating revenues and net profits in recent financial quarters, Metro Brands Limited remains a robust player in the market. Operating revenues decreased from ₹ 582.52 crores in Q1FY23-24 to ₹ 555.7 crores in Q2FY23-24, while net profits decreased from ₹ 92.89 crores to ₹ 67.11 crores during the same period.

As of the quarter ending September 2023, the company’s promoters retain a dominant 74.2% stake, emphasising their commitment to Metro Brands Limited. Foreign Institutional Investors (FIIs) also express confidence in the company, holding a 2.33% stake.

Indian Researchers Secure UK Patent for Revolutionary Diabetic Foot Ulcer Support

A group of 10 Indian researchers, including one from Chhatrapati Sambhaji Nagar, celebrated a significant milestone as they clinched a patent from a UK-based intellectual property office. Their invention, an orthopaedic support designed for diabetic foot ulcers, aims to aid recovery and prevent severe complications.

Dr. Muzaffar Ahmed Farooqui, Principal of Aurangabad Pharmacy College, highlighted the challenges faced by diabetic patients, emphasising how foot injuries could lead to grave complications like amputations and life-threatening situations. This innovation could potentially revolutionise pharmaceutical approaches for diabetic care.

Months of hard work culminated in the successful patent application at the Comptroller General of Patents, Designs, and Trademarks in the UK, marking a pivotal achievement for the researchers. Their dedication and innovation offer promising prospects for diabetic patient care and the pharmaceutical industry.

Amidst this breakthrough, global legal battles unfold as Finnish health wearable startup Oura takes legal action against Indian rival Ultrahuman in a Texas court. Oura alleges patent infringement, employee poaching, and proprietary information misuse, seeking damages and profits.

Additionally, the CDC reports a higher tendency for depression among individuals with diabetes. The intertwining relationship between mental health, diabetes, and nutrition underscores the importance of comprehensive interventions for both physical and mental well-being.

Meanwhile, Union Home Minister Amit Shah announced significant initiatives, including a ₹200-crore turmeric research institute in Telangana and pledged support for the region’s sugar industry. Shah’s emphasis on curbing corruption and empowering the state reinforces the BJP’s commitment to effective governance.

The patent success stands as a testament to Indian innovation, offering hope for improved diabetic care globally. As legal battles ensue and political promises unfold, this medical breakthrough underscores the potential for transformative advancements in healthcare and research.

Vakilsearch acknowledges the Indian researchers’ groundbreaking achievement in securing a UK patent for the orthopaedic support for diabetic foot ulcers. This innovation signifies a significant advancement in diabetic care, offering hope for improved recovery and prevention of severe complications among diabetic patients. Dr. Muzaffar Ahmed Farooqui’s emphasis on the challenges faced by diabetic patients due to foot injuries underscores the critical need for such inventions. This patent demonstrates India’s prowess in medical innovation, showcasing the potential for transformative advancements in healthcare. As legal battles unfold and political promises arise, this medical breakthrough highlights the importance of innovative solutions in improving global health standards.

Hong Kong Redefines Corporate ID: Introduces Cutting-Edge UBI System

The Companies Registry of Hong Kong has revealed a groundbreaking move, introducing a Unique Business Identifier (UBI) system set to transform corporate identity tracking. Scheduled for implementation on 27 December 2023, this second phase marks a pivotal step for entities under the Registrar of Companies. The UBI initiative aims to distinctly identify legal entities in various transactions and regulatory engagements.

Director of Companies Ada Chung stated, ‘The UBI will streamline interactions and enhance transparency.’

The UBI, adopted from the Business Registration Number (BRN), will be the identifier for all entities. Even companies without a BRN will receive a UBI, derived from previously held company numbers.

This system rollout is part of a dual-phase implementation strategy. The initial phase in 2021 targeted limited partnership funds, while this second phase includes all remaining entities.

Key features of phase 2 include:

  • Adoption of BRN on certificates of incorporation and registration changes
  • Mandating BRN on specific forms submitted to the Companies Registry
  • BRN as the primary identifier across Registry services

The revamped forms accommodate the BRN as the UBI, also introducing structured address reporting formats and revised shareholder details.

During a transition period, both old and new forms will be accepted, with exceptions for specific forms. The goal is to ensure a seamless shift to the new system by 25 January 2024, with certain forms exclusively accepting the new format.

This transformative UBI system stands to revolutionise corporate identification, marking a significant milestone in Hong Kong’s business landscape. Vakilsearch’s experts applaud the Companies Registry’s initiative in introducing the Unique Business Identifier (UBI) system in Hong Kong. This groundbreaking move will significantly streamline corporate identification processes, simplifying regulatory interactions for businesses. By adopting the BRN as the UBI for all entities and devising a transition plan, Hong Kong demonstrates a forward-thinking approach in enhancing corporate transparency and compliance. This UBI system promises to strengthen the business ecosystem, aligning with international standards while ensuring improved efficiency and accountability.

Wipro and AWS Join Forces: Unveil AI-Powered Compliance Solution Redefining Business Governance

In a strategic move aimed at meeting the ever-evolving compliance landscape, Wipro, a key player in the IT sector, has launched a cutting-edge continuous compliance solution, developed in partnership with Amazon Web Services (AWS).

The innovative solution, powered by AI, is tailor-made to empower enterprises with advanced capabilities to navigate the complexities of compliance requirements. It promises ongoing visibility into compliance posture and governance of business applications, from the initial stages to post-cloud migration.

In a recent regulatory filing, Wipro disclosed that its solution leverages Amazon Security Lake, an automated platform that consolidates an organisation’s security data from various sources, including AWS environments, SaaS providers, on-premises setups, and cloud sources. This integration into a purpose-built data lake is intended to provide a centralised hub for security data management.

Tony Buffomante, Wipro’s Senior Vice President and Global Head Of Cybersecurity Risk Services, emphasised the solution’s significance, stating, ‘The Wipro Continuous Compliance Solution addresses security and compliance challenges by effectively collecting all relevant data and signals within Amazon Security Lake. By harnessing the power of artificial intelligence (AI), the solution delivers actionable insights, providing our customers with a nearly real-time view of their compliance and security posture.’

Central to the offering is a unified platform where enterprises can seamlessly manage, monitor, and maintain compliance requirements. This solution, built on the robust foundation of Amazon Security Lake, boasts a scalable architecture, robust security features, and seamless integration capabilities.

A highlight of this compliance solution is its comprehensive support for global compliance frameworks such as GDPR, CCPA, HIPAA, among others, streamlining compliance management. Real-time monitoring and alerts ensure prompt identification of compliance-related anomalies, complemented by automated reporting capabilities that simplify the generation of compliance reports for both internal review and external audits.

Crucially, the solution operates on a pay-as-you-go model on AWS, ensuring not only cost-effectiveness but also scalability, adapting to varying compliance management needs effortlessly.

Following this announcement, shares of Wipro Ltd experienced a modest upswing, closing at ₹396.95, up by ₹1, or 0.25% on the BSE.

This move by Wipro signifies a stride forward in the realm of compliance solutions, marking a proactive approach to assist enterprises in navigating the intricate web of regulatory requirements. With its AI-driven capabilities and robust integration with Amazon Web Services, this offering is poised to redefine the landscape of compliance management for businesses across various sectors.

According to legal experts at Vakilsearch, Wipro’s collaboration with AWS to introduce an AI-infused compliance solution aligns with the evolving regulatory landscape. The integration of Amazon Security Lake is a strategic move, offering businesses unprecedented control and real-time insights into compliance measures. This development signifies a proactive step in addressing the complexities of compliance management, fostering enhanced business governance.

Tata Technologies IPO: A Comprehensive Overview of Share Allotment and Listing Details


Breaking a two-decade hiatus, the Tata Group has entered the stock market with the debut initial public offering (IPO) for Tata Technologies. With an impressive reception on the National Stock Exchange (NSE), investors are now eager for information on listing dates, share allotment status, and more.

Share Allotment Status:

The determination of share allotment for the Tata Technologies IPO is anticipated to conclude by November 28. Investors can conveniently verify their share allotment status once the process is finalised, using either the official BSE website or the IPO registrar’s platform.

IPO Subscription Highlights:

Running from November 22 to November 24, the Tata Technologies IPO witnessed a robust subscription rate, nearly reaching 70 times. Priced between ₹475 and ₹500 per share, a minimum requirement of 30 shares per person was set.

Qualified institutional buyers and high net-worth individuals took the lead in subscriptions, securing shares at 203.41 times and 62.11 times their allotted quotas, respectively.

Listing Date and Grey Market Premium:

Tata Technologies successfully mobilized over ₹3045 crore through its IPO. It’s noteworthy that the IPO consisted solely of an offer-for-sale by promoters Tata Motors, along with investors Alpha TC Holdings and Tata Capital Growth Fund I. No direct proceeds from the IPO will benefit the company.

Presently, the Grey Market Premium (GMP) for Tata Technologies stands at ₹414, indicating a gradual increase post the IPO closure. The listing date is expected to be November 28, Tuesday.

Checking the status of your share allotment for Tata Technologies is a straightforward process. Just head to the official Bombay Stock Exchange website, click on ‘equity’ in the menu, select Tata Technologies Limited from the dropdown menu, enter your application number or PAN number, check the ‘I am not a robot’ box, and click ‘Search.’ Stay tuned for more updates on Tata Technologies’ notable IPO debut.

Revolutionising Tax Compliance: Tech Advances Boost Efficiency, But Challenges Persist


A part from implementing a new income-tax structure with reduced rates and fewer exemptions, the tax department has embraced technology to simplify the tax filing process. Small businesses now face a higher tax audit limit of ₹10 crore (previously ₹ 1 crore), and individuals above 75 years are no longer required to file tax returns.

Glitches in the System:

While the advent of pre-filled forms has undeniably eased the burden on taxpayers, the system has not been immune to glitches. Mass issuance of tax notices, at times erroneous, has led to confusion among taxpayers. Addressing and rectifying these discrepancies remains an essential aspect of enhancing the overall efficiency of the tax compliance process.

Dispute Resolution Woes:

As technology takes centre stage, there’s a pressing need to enhance dispute resolution mechanisms. The increased efficiency in data collection should be paralleled with an equally robust system for addressing disputes promptly. This is crucial to provide taxpayers with the confidence that their concerns are heard and resolved in a timely manner.

Transition to the New Regime:

The introduction of the new income-tax regime, marked by lower rates and fewer exemptions, has undoubtedly been a significant shift. However, its seamless integration into the broader tax ecosystem requires careful monitoring. The adaptation of businesses and individuals to these changes demands continuous evaluation and refinement.

A Digital Drive’s Impact:

Undoubtedly, the Income Tax Department’s digital initiatives have yielded substantial results. The procurement of data from diverse sources, ranging from educational institutions to utilities and vendors, has significantly widened the tax base. The remarkable increase in the number of returns filed, from 3.36 crore a decade ago to 7.85 crore today, stands as a testament to the success of these efforts.

Financial Landscape Transformation:

The imposition of tax deduction at source (TDS) on various payments, coupled with the introduction of tax collection at source (TCS) on multiple transactions, has left little room for tax evaders. The simplicity introduced through AIS (Annual Information Statement) has consolidated crucial financial information, reducing the likelihood of income escaping the tax net.

Celebrating our achievements is essential, yet it is equally necessary to acknowledge and address the existing challenges within India’s tax compliance framework. The trajectory towards a more efficient and technology-driven tax system is ongoing, emphasising the significance of a continuous cycle of innovation, adaptation, and improvement for the future of tax compliance in India.

5 Things That Changed for the Stock Market Overnight – Gift Nifty to Fall in Crude Oil Prices


As the Indian stock market gears up for Friday’s trading session, global cues indicate a tepid opening. With mixed Asian market performances and the absence of US trading due to Thanksgiving, several factors are poised to influence the stock market. Here are five significant changes overnight that could shape the day’s trading for the Sensex and Nifty.

Global Market Mix:

Asian markets displayed a mix of movements, with Japan’s Nikkei 225 and Topix gaining, while South Korea’s Kospi eased. The Hang Seng Index fell, and China’s indices showed varied trends. This diversity may influence sentiment in the Indian market, creating a need for cautious trading strategies.

US Thanksgiving Holiday Impact:

The US markets remained closed on Thursday for Thanksgiving, and Friday will see only half-day trading. The shortened trading hours could result in subdued market activity. Investors will be watching for any ripple effects from Wednesday’s gains in the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite.

Oil Price Decline:

Crude oil prices extended their decline following an unexpected delay in the OPEC+ policy meeting. Speculation arises that the oil producer group may not deepen output cuts next year. Brent crude and US West Texas Intermediate crude both experienced losses, influencing energy-related stocks and impacting market dynamics.

Japanese Economic Indicators:

Japan’s economic indicators present a mixed picture. While the core consumer price growth in October was slightly lower than expected, indicating potential shifts in monetary stimulus, the flash Japan manufacturing purchasing managers’ index (PMI) showed a continued contraction for the sixth consecutive month. These indicators may influence investor confidence in the broader Asian market.

Market Expert Insights:

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, suggests a potential range-bound movement in the Indian market, with heightened activity in the primary market. Investors should be prepared for stock-specific actions in the broader space, highlighting the need for a strategic and informed approach to trading.


As the Indian stock market prepares for the day’s trading, global cues suggest a nuanced landscape. The impact of mixed Asian markets, the aftermath of the US Thanksgiving holiday, fluctuations in oil prices, and contrasting Japanese economic indicators may collectively shape market sentiment. Nifty, in particular, could be influenced by the decline in crude oil prices. Traders and investors should remain vigilant, considering these factors for well-informed decision-making in today’s market.

10% Fewer Fresh Formal Jobs Created in Apr-Sep Period, Shows EPFO Data


India’s formal job creation is experiencing a notable slowdown, as indicated by recent data from the Employees’ Provident Fund Organisation (EPFO). The statistics for the first half of the fiscal year 2023-24 reveal a concerning 10.1% decline in new subscribers. This downturn not only impacts the overall employment landscape but also has specific implications for the 18-28 age group and women, raising questions about the quality and inclusivity of job opportunities in the country.

Young Workforce Hit

A significant trend highlighted by the data is the 9.54% reduction in subscribers aged 18-28, a demographic that traditionally represents the entry-level workforce. This decline suggests challenges in sustaining a robust labour market, sparking concerns about the overall health of employment opportunities for young individuals. As the youth face hurdles in accessing formal jobs, there’s a potential shift towards self-employment and other informal modes of engagement.

Technology Sector Struggles

The formal workforce, especially in the technology and knowledge sector, is grappling with challenges such as declining revenues and muted demand. The repercussions are evident in the sector’s efforts to rationalise its workforce, affecting hiring practices. Some candidates are even delaying their entry into firms despite receiving placement offers. This highlights the need for sector-specific interventions to revive and sustain formal job creation.

Gender Disparities

The data reveals an 11.1% decrease in the number of women subscribers, emphasising the difficulties women face in accessing formal employment. The requirement for in-office work in certain firms further exacerbates gender disparities. Bridging the gender gap in formal job opportunities is crucial for achieving a more equitable and diverse workforce, necessitating targeted initiatives and policy interventions.

Recovery Challenges

Labour economist Santosh Mehrotra underscores the incomplete recovery of labour markets. The slow pace of formal job creation is failing to keep up with the growing labour force, leading to increased self-employment and engagement in agriculture, particularly among the youth and women. Addressing this challenge requires a comprehensive strategy that focuses on skill development, sectoral growth, and creating an enabling environment for businesses to thrive.

Contrasting Data

The EPFO data presents a contrast to the Periodic Labour Force Survey (PLFS) by the National Statistical Office (NSO), which reports a six-year low in the unemployment rate. However, the PLFS also highlights an increase in the share of people engaged in agriculture. This discrepancy suggests that while more people are entering the labour market, the economy struggles to generate sufficient quality jobs. Understanding these nuances is crucial for formulating effective policies that address both the quantity and quality of employment opportunities.

Bottom Line

The 10% decline in fresh formal job creation, as revealed by EPFO data, poses significant challenges for India’s workforce. Tackling the issues faced by the young workforce, addressing sector-specific struggles, bridging gender disparities, and ensuring a balanced recovery that aligns with the evolving labour market dynamics are key imperatives. Policymakers, businesses, and other stakeholders must collaborate to create a resilient and inclusive job market that fosters sustainable economic growth.