Labour is a very important factor of production. Since land and capital cannot produce anything by themselves, their utilization largely depends on proper utilization of time and energy on the part of workers.
Labour is capable of shouldering responsibilities, extending co operation and achieving targets.
They have their own attributes, aspirations and if handled properly will lead to success in what they do and therefore will achieve economic growth.
Trade unions have increased the dignity, strength and consciousness of the workers, made them secure in their employment. They now have a personality of their own and their success and prosperity leads to the economic growth of the nation.
Labour now shares the benefits of the welfare state and enjoys greater social security and now are protected against old age, retrenchment, layoffs etc.
Today labour is a very important factor of production especially in developing countries like India. Therefore a greater interest is being taken in the study of labour and its problems by the state, employers and agencies.
Labour education ie training and research in labour problems by trade unions and universities [where training courses relating to the field of labour and for labour education] have been introduced.
This is done by the country due to a desire for greater industrialisation, modernization and increased productivity which in turn will lead to economic growth.
Labour is also important for any country from the national and international point of view. The future prosparity of a country largely depends on proper solutions to the problems of labour engaged in various industries and other occupations of a country. This would therefore contribute towards economic growth and development.