New Delhi, Nov. 25 -- The implementation of the government's new labour reforms could significantly boost employment and formalisation in India's labour market over the medium term, highlighted a report by the State Bank of India (SBI).

The report stated that the new labour codes could reduce unemployment by up to 1.3 per cent, which would translate into additional employment generation of 77 lakh people.

It stated "India's new Labour Codes after a short transition phase could reduce unemployment by upto 1.3 per cent over the medium term........ This would imply additional employment generation of 77 lakh people".

This assessment is based on the current labour force participation rate of individuals aged 15 years and above at 60.1 per ...