Value of Statistical Life in India

This book offers a landmark contribution to the economics of risk, labour welfare, and regulatory design. This ground-breaking volume presents one of the most rigorous empirical estimations of the Value of Statistical Life (VSL) in the Indian context, addressing a critical gap in public policy analytics.

In an era where evidence-based policymaking defines the credibility of governance, Value of Statistical Life in India offers a landmark contribution to the economics of risk, labour welfare, and regulatory design. This ground-breaking volume presents one of the most rigorous empirical estimations of the Value of Statistical Life (VSL) in the Indian context, addressing a critical gap in public policy analytics. Focusing on occupational risks within India’s manufacturing sector—particularly in Gujarat— the book systematically examines compensating wage differentials (CWD), insurance mechanisms, and Occupational Safety and Health (OSH) frameworks. Through advanced econometric modelling and a global meta-analysis using mixed-effects regression techniques, the authors situate Indian VSL estimates within international standards, aligning domestic policy discourse with practices in developed economies such as the United States. Transcending descriptive analysis, the book offers a robust analytical foundation for cost–benefit evaluation, regulatory impact assessment, environmental risk governance, and labour protection reforms. By advocating the institutional adoption of VSL as a cornerstone of policy appraisal, it provides a transformative framework for integrating economic valuation into safety and health legislation. Scholarly, in depth and strategic in relevance, this volume is indispensable for academics, policymakers, multilateral agencies, and regulatory authorities committed to strengthening risk governance and advancing labour welfare in emerging economies.