India witnessed two landmark pieces of legislation – the data protection regime and labour codes – being notified and enforced by the Government. These were extremely important developments that addressed the country’s current needs and aimed to propel it towards a modern economy, with supporting legislation to ease business. Coincidentally, both frameworks were first conceptualised in 2017 and have now been enforced within exactly one week of each other. The economic growth forecasts by international financial institutions are also stable. Furthermore, the Indian market regulator is considering changes to the listing regulatory framework.
Data Protection Law Enforced – The Digital Personal Data Protection Act, 2023, and the Digital Personal Data Protection Rules, 2025 were notified in the Official Gazette of India. The number of members and the location of the Data Protection Board of India were also notified simultaneously. Together, the Act and the Rules form a clear and citizen-centred framework for the responsible use of digital personal data. They place equal weight on individual rights and lawful data processing. The law creates a full framework for the protection of digital personal data in India. It explains what organisations must do when they collect or use such data. The Act follows the SARAL approach. This means it is Simple, Accessible, Rational, and Actionable. The text uses plain language and clear illustrations so that people and businesses can understand the rules without difficulty. The compliance provisions are being implemented in phases, with an 18-month timeline to ensure organisations have adequate time to prepare. The Digital Personal Data Protection Act and the DPDP Rules mark an important step toward building a trustworthy, future-ready digital environment for the country. They clarify how personal data must be handled, strengthen individuals’ rights, and establish clear responsibilities for organisations. The framework is practical in design and backed by broad public consultation, making it both inclusive and responsive to real needs. It supports the growth of India’s digital economy while ensuring that privacy remains central to its progress. With these measures now in place, India moves towards a safer, more transparent and innovation-friendly data ecosystem that serves citizens and strengthens public confidence in digital governance.
Asia Law Portal has been on this historic journey since 2017, and previously covered the finalisation of draft Rules.
Labour Codes – The Labour Codes were finally fully enforced, ushering in a new era of labour laws and reforms in the legislative framework by consolidating 29 labour laws into four comprehensive Labour Codes –the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 were made effective from 21st November 2025. The labour codes were first announced in the Union Budget of 2017, as reported by Asia Law Portal. Thereafter, the Codes were drafted and notified selectively and separately. The remaining provisions were simultaneously notified and brought into effect. The Government has highlighted several key benefits in these new pieces of legislation while explaining the need to replace the earlier, outdated statutes, most of which were enacted before India’s independence. In line with the wide-ranging consultations carried out during the drafting of the Labour Codes, the Government will likewise engage the public and stakeholders in the framing of the corresponding rules, regulations, schemes, etc. under the Codes. During transition, the relevant provisions of the existing labour Acts and their respective rules, regulations, notifications, standards, schemes, etc. will continue to remain in force. Over the past decade, India has expanded social security coverage dramatically, rising from about 19% of the workforce in 2015 to more than 64% in 2025, ensuring that protection and dignity reach workers across the country and earning recognition in the global arena for this milestone achievement in social protection. The implementation of the four Labour Codes marks the next major step in this trajectory, further widening the social security net and embedding the portability of benefits across states and sectors. With expanded social security, stronger protections and nationwide portability of entitlements, the Codes place workers, especially women, youth, unorganised, gig, and migrant workers, firmly at the centre of labour governance. By reducing compliance burdens and enabling flexible, modern work arrangements, the Codes boost employment, skilling, and industry growth, reaffirming the Government’s commitment to a pro-worker, pro-women, pro-youth, and pro-employment labour ecosystem.
International Monetary Fund – The Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV consultation with India. Growth is expected to remain robust, accompanied by benign inflation dynamics. Under the staff’s baseline scenario, real GDP growth is projected at 6.6 per cent in FY2025/26 (same as its World Economic Outlook Update, October 2025, reported by Asia Law Portal), helped by the strong Q2 2025 growth outturn, the GST reform, and a Q3 2025 nowcast pointing to continued momentum, offsetting the adverse impact of US tariffs. Growth is expected to decline to 6.2 per cent in FY2026/27, as high US tariffs (assumed to persist under the baseline) dent external demand and investment. Growth below potential would open a small output gap next year, before returning to its potential rate of 6.5 per cent over the medium term. Growth outcomes could be more favourable if tariffs are resolved in the near term, with growth broadly in line with its potential from FY2026/27 onward. Headline inflation is expected to remain benign and average 2.8 per cent in FY2025/26, below the 4 per cent target but within the RBI’s tolerance band, reflecting subdued food price dynamics and the GST reform. Core inflation is projected to average 3.5 per cent this FY. In FY2026/27, headline inflation is expected to converge to 4 per cent, mainly driven by a projected rebound in domestic food prices.
Moody’s Ratings – Moody’s Ratings recently announced in a report that India will lead growth among emerging markets and across the Asia Pacific region, with 7% GDP growth in 2025 and 6.4% in the following year. Moody’s also said that India’s domestic growth drivers underpin its economic resilience amid global uncertainty. Although the Indian rupee has continued to weaken against the dollar, most rated companies have active currency risk management or strong financial buffers. At the same time, investment-grade entities have demonstrated access to international capital markets. Its projected average GDP growth in APAC (Asia–Pacific) will remain steady at 3.4% in 2026, compared with 3.3% in 2024 and the expected 3.6% growth in 2025. On a weighted-average basis, emerging markets will drive regional GDP growth, with average growth of 5.6%, compared with 1.3% in advanced markets, Moody’s said.
SEBI Listing Rules – The Securities and Exchange Board of India (SEBI) has initiated a review of the Listing Obligations and Disclosure Requirements (LODR) to simplify and streamline corporate disclosure norms. LODR is the framework that governs the ongoing compliance requirements of all listed companies in India. The revamp is still at a preparatory stage, and a consultation paper will be released “soon”, said Sebi chairman Tuhin Kanta Pandey at a CII event. He did not provide a timeline but indicated that the scale of the exercise means the process will be gradual. Alongside the LODR revamp, Sebi is also preparing a review of the settlement regulations, with a consultation paper expected soon. According to Pandey, a wider effort is underway to overhaul multiple regulations, including norms for stockbrokers, MFs and settlements.
