1

TOPIC
“Impact of Liberalization on Wages and
Employment in Indian Manufacturing Industries
With Special Reference to Tata Motors”.
INTRODUCTION
As developing economies liberalize their policies in an attempt to
integrate with the rest of the world, one of the critical issues that
need to be addressed by their governments is the social costs of
liberalization. A direct manifestation of these social cost is the impact
of liberalization on labour markets, which may work through its
impact on wages and employment. The economic theory suggests
that three important components of liberalization, i.e., FDI, Trade
and Imported technology may raise labour productivity in the
developing economies but these components may have differential
impact on their wages and employment. Higher presence of FDI in
developing countries is generally associated with lower employment
but higher wages. While, higher trade has mostly been associated
with higher employment but lower wages. However, given the
differences in the labour laws across countries, these effects have
been found to be mainly country specific. In particular, for the Indian
economy we find that one of the unique characteristics of the Indian
labour market is its dualistic nature where a large unorganized sector
coexists with the organized sector. There are many regulations in
India that apply only to the"organised sector"1 and some of these
regulations are considered to be especially constraining to the
employers leading to rigidities in labour markets.

1. The "organized sector" in India is defined by the size of establishment in terms of number of workers.

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Three such types of regulations are:

1. Fairly stringent rules closing down of enterprises, along with

the requirements of reasonable compensation for
retrenchment;

2. Laws governing the use of temporary or casual labour enforce

permanence of contract after a specified time of employment;

3. Minimum wage legislation exists, which raises the cost of

hiring workers and leads to downward inflexibility in wages.

The neo-liberal argument regarding these regulations are that these

rules put undue pressure on larger employers and prevent smaller
firms from expanding even when the economics of their situation
demand it. This creates a dualistic set-up in which the "1 organized
sector" in India is defined by the size of establishment in terms of
number of workers. Organized or formal sector necessarily remains
limited in terms of aggregate employment and the unorganized
sector (small-scale) with low investment. Given this lack of flexibility
in operations of labour markets, implications of liberalization on
wages and employment may alter for the Indian economy. The
present study contributes to the literature by estimating the impact
of FDI, trade and technology on wages and employment in the
organized Indian manufacturing sector in the post reforms period2.

The analysis is undertaken for 78 three-digit level industries and in an

attempt to take account of unique characteristics of Indian labour
markets, dynamic panel data estimations are carried out using
generalized method of moments (GMM).Though there exists many
2 .Since 1991, India has undertaken a major economic reforms program under which significant and far-reaching
Changes have been made in industrial and trade policy to encourage FDI flows and trade. Incentives have also been
Given to encourage higher imports of technology.

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studies for Indian manufacturing sector that estimate the wages and
employment (mainly employment elasticity), in the pre and post
liberalization periods, the impact of components of liberalization,
i.e., FDI, Trade and Technology has not yet been estimated.
Moreover, most of the studies do not take into account labour
market rigidities in their estimations.

The study is structured as follows: Section 2 provides the theoretical

framework and a brief review of earlier studies. Section 3 examines
the trends in FDI, Trade and Technology flows in the Indian
Manufacturing Sector in the pre and post reform period. Section 4
examines the trends in employment and wages in Indian
Manufacturing Sector. The empirical methodology used in the study
is discussed in section 5 and section 6 discusses the data set and
construction of variables. Section 7 presents the empirical results.
Finally, section 8 concludes the study and highlights major policy
implications of the study.

Tata Motors3 Tata Motors Ltd. is one part of the business

conglomerate, Tata Group, and was formerly known as TELCO (Tata
Engineering and Locomotive Company). The other ventures of Tata
Group include Tata Steel, Tata Consultancy Services, Tata
Technologies, Tata Tea, Titan Industries, Tata Power, Taj Hotels, and
so on.

Headquartered in Mumbai, India, Tata Motors is a multinational

corporation accounting for 70% cumulative market share in the
domestic commercial vehicle segment. Today, the company is the
world’s second largest manufacturer of commercial vehicles, world’s
fourth largest truck manufacturer and world’s second largest bus

3. http://www.tatamotors.com/contactus/index.php

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manufacturer. It is a dual-listed company, which is traded on both
the Bombay Stock exchange as well as the New York Stock Exchange.

Tata Motors was first established in 1945 as a locomotive

manufacturing unit. The first commercial vehicle was manufactured
in 1954, in collaboration with Daimler-Benz AG of Germany. In 1960,
the first truck, quite similar to a Daimler truck, rolled out from the
Tata Factory in Pune. Ever since its launch, the truck became highly
successful. However, the success of the commercial vehicles was just
the beginning of the flourishing and booming future of Tata Motors.
The company went ahead diversifying itself and took up other
products as well. Apart from exporting heavy-duty trucks, the
company decided to come up with lighter versions for the local
market. Thus, began the production of the first LCV (Light
Commercial Vehicle) model, Tata 407 in 1986.

In the early 1990s, the company began its expansion into the car
market. Its first passenger vehicle was Tata Sierra, a multi utility
vehicle that was launched in 1991. Tata came up with three other
automobiles, namely, Tata Estate in 1992 (a station wagon based on
the earlier ‘Tata Mobile’ in 1989), Tata Sumo in 1994 (LCV) and Tata
Safari in 1998 (India’s first SUV).

After thoroughly analyzing the demand of the consumers, Ratan

Tata, the current chairman of Tata Group, decided to build a small
car, which was practically a new venture. Thus, in 1998, India’s first
fully indigenous passenger car, Tata Indica was launched. It received
an immediate success, since it was inexpensive and relatively easy to
build maintain. The car was exported to Europe, to UK and Italy. The
second generation of Indica, V2 was even more successful.

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Indica’s high success gave Tata Motors the financial power to take
over Daewoo Motors in 2004. This gave the company an opportunity
to give their brand international exposure. Today, Daewoo’s trucks
are sold as Tata Daewoo Commercial Vehicle in South Korea. In 2005,
the company acquired 21% share in Hispano Caracara SA, earning
the controlling rights of the company. In January 2008, the global
automobile sector showcased the world’s cheapest car in the form of
Tata Nano. Launched by Tata Motors, the car cost only Rs.1, 00,000
(US $2,500). In the March of that year, Tata Motors also acquired the
Jaguar Land Rover (JLR) business from the Ford Motor Company,
which included the Daimler and Lanchester brands.

Tata Motors formed 51:49 joint ventures with Marcopolo of Brazil

and came up with manufacturing and assembling fully-built buses
and coaches targeting the developing mass rapid transportation
systems. Tata and Marcopolo jointly have launched low-floor city
buses that are widely used by Delhi, Mumbai, Lucknow and
Bangalore Transport Corporations.

Tata Motors has been continuously acquiring foreign brands to

increase its global presence. The company operates in the UK, South
Korea, Thailand and Spain. Today, Tata Motors has its auto
manufacturing and assembly plants in Jamshedpur, Pantnagar,
Lucknow, Ahmedabad and Pune in India, and in Argentina, South
Africa, South Korea and Thailand. It is further planning to set up
more plants in Turkey, Indonesia and Eastern Europe.

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 Current position of Tata motors:
It has been a long and accelerated journey for Tata Motors, India's
leading automobile manufacturer. Presented below is a list of some
of the significant milestones in the Company's journey towards
excellence and leadership.

 Tata Ace becomes India's first 1-lakh brand in goods

commercial vehicles.

 Appointment of Mr. Carl-Peter Forster as Managing Director of

Tata Motors.

 Jaguar Land Rover announces opening of its Dealership in New

Delhi.

 Tata Motors to construct heavy truck plant in Myanmar under

Government of India's Line of Credit.

 Tata Motors declared as the Commercial Vehicle Maker of the

Year.

 Tata Motors Passenger Car Division launches ‘Tata Motors

Service Edge' for leading edge customer service.

 Tata Motors displays Tata Nano EV at the 80th Geneva Motor

Show.

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  Chief Minister of Punjab inaugurates Tata Motors supported
State Institute of Automotive and Driving Skills.

 Jaguar Land Rover announces Dr. Ralf Speth as Chief Executive

Officer.

 Tata Motors appoints Mr. Carl-Peter Forster as Grouped. Tata

Motors Group displays the widest range of products and
environment-friendly technologies at Auto Expo 2010.

 Tata Motors launches Magic Iris.

 On 26th April 2010, Tata Motors sold its 4 millionth Commercial

Vehicle.

Growth of commodity production since Independence

Commodity Unit 1950 – 51 1970 – 71 2004 - 05

Cloth Million metres 4215 7,602 20,632
Fertilisers (N) ‘000 Tonnes 9* 830 11,340
Cement Million Tonnes 2.7 14.3 131.6
Finished Steel Million Tonnes 1.0 4.6 39.3
Electricity Billion Kwh 5.1 55.8 587.0
Aluminium ‘000 Tonnes 4.0 168.8 516.4
Paper and Paper board ““ 116 755 3,848
Commercial Thousand
Vehicles Numbers 8.6 41.2 350.0

* Very Low Base

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 Commodity 2009 – 10
Cloth 26,352
Fertilisers (N) 15,640
Cement 189.6
Finished Steel 46.2
Electricity 630.2
Aluminium 725.4
Paper and Paper board 4340
Commercial
Vehicles 418.0
Source: Compiled from Economic Survey, 2009 – 10

1974 – 75 to 1981 – 82
1980-81 1990-91
Public Sector (I) (II)
Mining and Quarrying 4.2 8.2
Manufacturing - 0.9 7.3
Electricity, Gas and Water Supply 2.2 5.9
Construction 7.6 6.6
Trade, Hotels and Restaurants -12.4 -2.6
Transport, Storage and 2.2 3.7
Communication
Finance, Real estate, etc. 3.7 8.3
Community, Social and Personal 4.4 5.3
Services
Private Organized Manufacturing 3.4 7.6

Takes Into Consideration figures from 1970-71

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Average Annual Growth Rate of production
Public Sector 2008 - 09
Mining and Quarrying 8.7
Manufacturing 7.9
Electricity, Gas and Water Supply 6.3
Construction 7.2
Trade, Hotels and Restaurants 1.2
Transport, Storage and 4.4
Communication
Finance, Real estate, etc. 8.9
Community, Social and Personal 6.2
Services
Private Organized Manufacturing 8.4
Source: Govt. of India, Ministry of Industry. Handbook of Industrial Statistics (1987) and RBI

Handbook of Indian Statistics on Indian Economy, 2008 – 09

Financial Performance of Tata Motors

Over the years the company has performed exceptionally well
financially in spite of the cyclical nature of the industry. A critical
analysis of the financial statements provides us with the following
insights.

 The issue of Cyclicality is plaguing the automotive sector and

the future outlook in India is not great considering the robust
performance of the past 3 years. Tata Motors has countered
this by increasing the share of exports in the sources of
revenue.

 Excess debt has led to a high Debt to Equity ratio and this is
not good news as the company plans to go for further capital
expansion. Also the percentage of cash flow used for CAPEX is
increasing as shown in Exhibit 1.

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  Rising interest rates in the economy is a cause of concern as it
dampens both capital investments and softens the domestic
demand.

 Positives: The cash flow from operations has grown 11 times

compared to last year despite a huge CAPEX. Tata Ace single
handedly raised the market share of Tata Motors in LCV
segment by 5%. The operating leverage for Tata Motors is
higher due to the high fixed costs of CAPEX. But still the overall
financial leverage of Tata Motors is well under control when
compared to Ashok Leyland.

Exhibit 1 Percentage of cash inflow used for CAPEX

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Employment in Tata Motors:
Tata Motors is on the lookout for dynamic professionals who will
drive the Company Forward. Tata Motors offer challenging
assignments in various sectors: Commercial Vehicle Business Unit,
Passenger Car Business Unit, Engineering Research Centre and
Corporate Affairs. The Company employs around 22,000 people (blue
& white collared) who share a passion for automobiles.

Tata Motors are committed to understanding customer needs and

innovating on our wide range of offerings keeping these needs in
mind. This approach has earned us the position of being among the
top five medium and heavy commercial vehicle manufacturers in the
world. Our products are seen in markets like Europe, Australia, South
East Asia, Middle East and Africa.

Tata motors owe its success to the highly motivated and talented
staff at Tata Motors. Our recruitment division picks the crème-de-la-
crème from premier universities, management and engineering
institutes in India. We put them through rigorous training
programmes to hone their entrepreneurial skills and impart
comprehensive product knowledge.

Impact of Liberalization on Wages in Indian

Manufacturing Industries:
A fairly recent stream of literature has emerged, which suggests that
FDI has a positive effect on wages in the industries of the host
country. It has been argued that foreign firms pay more to their

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labour as compared to domestic firms in developing countries for
reasons unrelated to productivity of labour. One explanation given
for this is the “efficiency wages which states that if work effort
depends positively on the wages level, a profit maximizing firm
would find it profitable to pay above the market clearing level. Other
related versions that explain higher wages given by foreign firms for
similar work and skills are:

a) Higher wages payments reduce shirking by increasing the cost of

losing the job

b) Higher wage payments reduce labour turnover costs

c) Offering higher wages increase the quality of job applicants, and

thus raise the average quality of a worker that the firm hires (Weiss
1991).

d) Higher wages build loyalty among workers and hence improve a

worker’s efforts.

Alternatively, the wage-bargaining models suggest that

multinational status may also impact on wages if it affects the
relative bargaining power of the firm and the union. Company with
plants in several countries may credibly threaten to shelve expansion
plans or choose another market for additions to capacity in the face
of excessive wage demands.

A multi country production structure may also impact on the wage

outcome if it improves the fallback position of the firm in the event

4. See Akerlof and Yellen (1986)

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of a strike. For example, it may be able to temporarily switch
production from one country to another. Finally, ownership status
can also affect labour relations within a company, which may impact
the level of negotiated wages. Carmichael (1992) argues that US
multinationals in U.K attempts to buy industrial relations peace with

higher wages. The preposition that ‘foreign firms pay more for
reasons unrelated to labour productivity has been empirically tested
by many studies but the results arrived at are ambiguous.

Aitken, Hrrison and Lipsey (1996) use establishment level cross-

sections for Mexico, the USA and Venezuela and find positive effect
of FDI on wages in domestic firms in US but negative effects in other
two countries. Canyon et al (1999) find wage and productivity
differential of 5%. Girma et al (1999) find wage and productivity
differential of 5%.Griffith and Simpson (2003) present estimates for
the U.K., finding in all specifications positive premier for foreign
firms. Lipsey and Sjoholm (2001) study the Indonesian case and find
a premium of 12% for blue-collar workers and 22% for white-collar
workers. TeVelde and Morrissey (2003) examine the cases for five
African countries and again find that foreign firms pay higher wages
(The Premia range between 8% and 23%). Similar results are
documented for Ghana by Gorgetal (2002).However; there are
studies that argue that the entire increase in wages in foreign firms
can be explained by higher productivity of labour (e.g., Conyon et al
1999, Driffield1996). According to Lipsey (1994) average
compensation per worker is generally higher in foreign-owned than
domestically owned establishments but this is due to their higher
capital-labour ratios. If we control for size, the effect of foreign
ownership disappears, but this is not so for non-manufacturing
industries. Driffield (1996) finds that foreign firms pay wages above

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the industry average of around 7% in U.K., partly owing to
productivity differentials. Grima et al (1999) find no statistically
significant effect for any impact on domestic wages. These studies
argue that multinationals affect through productivity channel since in
perfectly competitive labour markets, workers are paid their
marginal product and if labour productivity decreases/increases due
to presence of FDI so does wages paid to workers. Thus, both the
theoretical and empirical debates on whether FDI raises wages in the
host country, irrespective of productivity increases still remain
inconclusive.

Impact of Liberalization on Employment in

Indian Manufacturing Industries:
Though, the Impact of FDI on wages is a well-researched area, the
Impact of FDI on Employment in the Industry is a relatively less
researched area. The economic theory suggests that the Impact of
FDI on Total Employment may work through two routes. Firstly,
inward investment generates a straightforward labour demand
effect, stemming from an exogenous increase in output. Secondly, it
is alleged that the Technology introduced by FDI is highly capital
intensive, and therefore may tend to reduce the employment
potential of industrialization. The idea that FDI may in fact bring in
Technology that is not labour augmenting, but may actually be
labour saving may implyan absolute reduction in the overall
employment (Nickell and Bell 1996, Pianta and Vivarelli 2000, Taylor
and Driffield 2000).

A corresponding stream of literature examines the impact of

increased competition, due to trade, on employment and wages.
Under the Heckscher–Ohlin–Samuelson (H-O-S) framework, trade
suggests a redistribution of employment from the import sector
towards the export sector, i.e., according to the theory, increased
imports reduce employment and increased exports increase
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employment. However, the impact is found to be industry specific
i.e., it has been found that exports are a dominant factor in the
employment growth in high-technology and skill-intensive industries,
while import penetration adversely affect employment growth in
low-technology, labour-intensive industries (Geraand Massé 1996).

Ghose (2000) shows that in case of industrialized countries, growth

of manufactured imports from developing countries has a small
adverse effect on manufacturing employment but virtually no effect
on wages. But, in case of developing countries that have emerged as
important exporters of manufactures to industrialized countries a
growth in trade has a large positive effect on manufacturing
employment and wages. Danthine and Hunt (1994) point out that,
whilst Marshaling pressures would be expected to decrease wages,
as competition in the product market increases, an increased
integration will also effectively reduce the degree of centralization of
bargaining. This can lead to either increases or decreases in union
wage demands depending on the initial bargaining structure of the
country concerned. Focusing on short-run effects on labour markets,
Greenaway, Hine and Wright (2000) find a considerable impact of
international trade on wages in the UK. Especially trade competition
from (South-) East Asian Newly Industrialized Countries (NIC) appears
to have increased wage inequality. However, no consensus has been
reached so far regarding the impact of trade on employment and
wages in developing countries.

Like FDI and trade, technological progress can also impact on labor
markets in important ways. Technology acquisition may take place in
an industry through higher imports of embodied and disembodied
technology and larger research and development expenditures
(R&D) by both domestic and foreign firms. The impact of
technological progress on wages and employment has been
discussed by both labour economists (who look at factor-biased
technical change) and trade economists (who look at sector-biased
16
technical change (SBTC) and price change). Labour Economists argue
that SBTC increases demand and returns to skilled labour4.This has
been supported by some of the studies in recent years that show
technical progress has been skilled biased, i.e., it has led to decline in
the demand for unskilled labour [Machin and Van Reenen (1998),
Berman and Machin (2000), Hanson (2001)]. However, trade
theorists argue that for large changes in technology the pattern of
production changes and therefore the net impact on employment
and wages may not be evident [Krugman (2000), Xu (2000)]. Studies
therefore show that FDI, trade and technology acquisition can impact
labour markets in different ways. However, the results of the studies
are ambiguous and therefore it becomes important to conduct
country specific studies to estimate the extent and direction of the
impact.

Trends in Wages and Employment in Indian

Manufacturing Industries:

Studies with respect to estimates of wages and employment in the

Indian manufacturing sector in the pre and post liberalization period
have arrived at ambiguous results. Results of the two recent studies
that examine the trends in Indian employment and wages are
reported in Table 3.

Tendulkar (2003) analyses the experience of the

organized manufacturing sector with Regards to industrial growth
over three distinct policy regimes i.e., 1973-74 to 1980-81, 1980-81
to 1990-91 and 1990-91 to 1997-98. The period 1973-74 to 1980-81
was markedly restrictive industrial and trade policies and according
to the study the exponential growth rate of output during this period
was 4.65 per cent and employment grew by 3.83per cent. Product

17
wage per worker increased at 3.2 per cent and implicit growth of
productivity per worker grew at a negligible 0.8 per cent.

Table 3: Trends in Employment and Wages in Indian Manufacturing

Tendulkar (2003) GR of Output GR of Employment

1973-74 to 1980-81 4.65 3.83

1980-81 to 1990-91 7.1 Jobless Growth

1990-91 to 1997-98 9.0 2.9

Goldar (2002) GR of Real Wages Employment Elasticity

1973-74 to 1989-90 3.29 0.26

1990-91 to 1997-98 1.16 0.33

The second period of 1980s was a period of hesitant liberalization of

certain trade and industrial policies combined with an aggregate
demand push provided by rising fiscal deficits and good agricultural
harvests. This period witnessed a growth rate of manufacturing
output of 7.1 per cent per annum. However, there was a virtual
stagnation in the manufacturing employment as a result of which the
decade was termed as, “the decade of jobless growth”. Real product
wage grew by 4.5 per cent compared to implicit growth of 7.3 per
cent in productivity per worker. It is in this background of jobless
growth that stabilizing and structural reforms were undertaken in
1991.In the post reforms period, it was expected that the opening of
the economy would not only lead to a higher output growth due to
better allocation of resources, but increase in trade will restructure
production towards more labour-intensive avenues, thereby
generating substantial increases in employment. The industrial
output grew at around 9per cent in this period; employment
(number of workers) grew by 2.9 per cent, with moderate product

18
wage growth of 2.6 per cent. Goldar (2000) finds acceleration in
employment growth in this period both at the aggregate
manufacturing level and for most two-digit industries.

According to Goldar (2002) the employment elasticity for aggregate

manufacturing increased from 0.26 in the pre reform period (1973-
74 to 1989-90) to 0.33 in the post reform period (1990-91 to 1997-
98). He also finds a significant increase in the employment elasticity
in the export-oriented industries group. However, in the import
competing industries he finds a fall in the employment elasticity from
0.425 in the performs period to 0.264 in the post-reforms period As
regards the trend in real wages, Goldar (2002) shows that the growth
in real wages has slowed down appreciably in the post-reforms
period. At the aggregate level the growth rate of real wages per
worker is found to have declined from 3.29 per cent per annum
during the period 1973-74 to 1989-90 and to 1.16 per cent per
annum during the period1990-91 to 1997-98. But, with respect to
wages in the organized sector in India, it should be pointed out that
till date government interventions play a key role in determining
wages in organized sector in India. The basic framework for
government interventions in the wage determination process was
set out in The Report of the Committee on Fair Wages, 1948.
Following the recommendations of this Report, the government
designed fairly elaborate methods of intervention into the wage
determination process. These included setting of minimum wage
norms, direct determination of wages in public enterprises, indirect
influence on wage determination in private enterprises through the

Establishment of Wage Boards, setting of norms for wage

differentials and establishment of rules of indexation and bonus
payment. Norms are also set for social security benefits to
employees though these are generally less binding.

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Objective of the Study:
 To examine how Liberalization affects the Wages and
Employment in Tata Motors.

 To examine the growth of Wages and Employment in Tata

Motors.

 To shift the Tata Motors towards Labour Intensive products

and Technology and to create more Employment.

 To outline the trends in Wages and Employment in Tata

Motors.

 To study the interlink age between Wages and Employment

sector in Tata Motors.

Research Methodology and Tools:

The proposed research would largely involve and adopt Library and
Survey Methodology. For establishing correlation and simulation-
wherever needed, feasible and desired-appropriate statistical tools-
contingency of coefficient, proximity index, matrix, mean, standard
deviation, and the likes will be adopted as per suitability band the
purpose in view . Data has-been generated by two types:

1. Primary data- by method of questionnaire and survey method.

2. Secondary data- by different books, journals, magazines etc.

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Hypothesis:
H1- Liberalization has an Impact of Wages and Employment

H2- Liberalization has a Positive Impact on labour Turnover and

Quality of Product

H3- Offering Higher Wages increase the quality of job applicants, and
thus raise the Average Quality of a worker that the firm hires (Weiss
1991).

H4- Higher Wages build loyalty among workers and hence improve a
worker’s efforts.

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TENTATIVE CHAPTERIZATION:
CHAPTER 1: Introduction

CHAPTER 2: Concepts of Liberalization and Profile of Tata Motors.

CHAPTER 3: Wages and Employment of Scenario Prior Liberalization

CHAPTER 4: Impact of Liberalization on Wages and Employment in

Indian Manufacturing Industries.

CHAPTER 5: Impact of Liberalization on Wages and Employment in

Tata Motors.

CHAPTER 6: Findings, Suggestions and Conclusions.

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Signature of Research Signature of Research

Supervisor Scholar

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