Familiarizing with the Indian economic laws
Before venturing out to start-up on your own, it is very essential to familiarize yourself with the various economic laws in India, which either directly or indirectly control the way you do business. While browsing related topics, I came across this site, which very elegantly describes to a layman everything about Indian economic laws. Here are listed some of the basic economic laws that form the overall legal framework of the Indian business environment, explained in simplest of terms
- The Indian Contract Act (1872): Established the framework within which contracts can be executed and enforced.
- Negotiable Instruments Act (1881): Set rules for promissory notes, bills of exchange, and checks.
- Workmen’s Compensation Act (1923): Set the compensation to be paid by employers to injured workers.
- Payment of Wages Act (1936): Established a minimum monthly salary for industrial and factory workers.
- Industrial Disputes Act (1947): Provided for the investigation and settlement of industrial disputes.
- Minimum Wages Act (1948): Fixed minimum pay rates for certain jobs.
- Factories Act (1948): Regulated labor in factories.
- Employees Provident Fund and Miscellaneous Provisions Act (1952): Established provident funds, family pensions, and other monetary benefits for factory employees.
- Maternity Benefits Act (1961): Regulated post-childbirth time off for female employees.
- Payment of Bonus Act (1965): Regulated bonus payments to be made to certain categories of employees on the basis of production, profit, or productivity.
- Monopolies and Restrictive Trade Practices Act (1969): Established rules to prevent unfair concentrations of economic power.
- Indian Patents Act (1970): Set rules for patent protection in India.
- Payment of Gratuity Act (1972): Provided for payment of gratuities to Indian employees in certain industries.
- Copyright Act (1975): Helped establish copyright protection in India.
- Arbitration and Conciliation Act (1996): Set up to govern arbitration issues.
- Geographical Indications of Goods Act (1999): Provided legal
protection for goods originated in a particular area or region within
India (examples include Darjeeling tea and Basmati rice). - Trademarks Act (1999): Helped establish trademark protection in India.
- Designs Act (2000): Helped establish protection of designs.
- Competition Act (2002): Provided for the establishment of a commission that promotes competition, protects consumers, and ensures freedom of trade.
