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, 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.
Table of Contents:
List of figures. List of tables. Foreword . Acknowledgements. List of abbreviations 1. Introduction 2. Unpacking the variation in VSL estimates: Insights from Meta-Analysis 3. Occupational Safety and Health in India 4. Measuring the Value of Statistical Life and Injury- Evidence from Gujarat, India. 5. Interplay Amongst Workers’ Compensation Benefit, Wages and VSL estimates 6. Discounting long-term job-related health risks for Indian workers 7. Conclusion. Index.
About the Author :
Agamoni Majumder is a Lecturer in Economics at the School of Economics, Adelaide University whose empirical research in applied economics focuses on labour, health, and environmental issues, particularly workplace conditions, occupational and environmental health risks, and their economic implications.
S. Madheswaran is a Development Economist and Econometrician, currently Adviser to Jain University and ICRISAT. Former RBI Chair Professor, Director of ISEC, Vice-Chancellor of GRI, and Economic Adviser to Karnataka, founder of the Karnataka Evaluation Authority. He has published 130 papers and 5 books with international academic publishers worldwide.
Review :
'Value of Statistical Life in India provides a rigorous empirical assessment of how mortality and injury risks are valued in the Indian labour market. Integrating global meta-analysis with original evidence from Indian manufacturing, the book estimates the Value of Statistical Life (VSL) and the Value of Statistical Injury (VSI) while addressing heterogeneity, labour market segmentation, compensation benefits, and time preferences for health risks. Grounded in institutional realities, the analysis informs occupational safety regulation and cost–benefit appraisal under India’s Labour Code on Occupational Safety, Health and Working Conditions. The volume offers an essential evidence base for scholars, policymakers, and practitioners engaged in labour regulation, risk governance, and social welfare policy.'
- Dr. Venkatachalam Anbumozhi, Senior Research Fellow at the Economic Research Institute for ASEAN and East Asia (ERIA)
'Value of Statistical Life in India advances labour economics by integrating modern econometric analysis with pressing policy questions on occupational risk and worker protection. Using hedonic wage frameworks, compensation-adjusted specifications, and mixed-effects meta-analysis, the book confronts core identification challenges—endogenous job risk, unobserved heterogeneity, and labour market segmentation. Drawing on Indian labour market evidence, it estimates robust Values of Statistical Life and Injury and examines how wages, compensation regimes, and time preferences jointly shape risk-bearing at work. The findings speak directly to regulatory design, cost–benefit analysis, and the implementation of the Labour Code on Occupational Safety, Health and Working Conditions, offering an empirically grounded basis for labour regulation in a developing-economy context.'
- Prof. Alkah Sharma, Director, Institute for Human Development, President of Indian Society of Labour Economics, New Delhi
'Value of Statistical Life in India delivers a methodologically rigorous and policy-relevant contribution to the economics of risk valuation. Employing advanced micro-econometric techniques—including compensation-adjusted hedonic wage models, mixed-effects meta-analysis, and intertemporal discounting frameworks—the book addresses endogeneity, unobserved heterogeneity, and labour market segmentation in estimating the Value of Statistical Life (VSL) and Injury (VSI). Grounded in Indian labour market data, the analysis generates credible valuation parameters for regulatory impact assessment. By explicitly linking econometric evidence to occupational safety regulation, compensation design, and the Labour Code on Occupational Safety, Health and Working Conditions, the book provides policymakers with robust tools for evidence-based risk governance and efficient allocation of public resources.'
- Prof. Ram Singh, Department of Economics, Delhi School of Economics University of Delhi
'Value of Statistical Life in India integrates economic theory, formal modelling, and econometric evidence to examine how mortality and injury risks are valued in the labour market. Grounded in compensating wage differential theory, the book develops mathematical representations of wage–risk trade-offs and intertemporal health risk valuation, and tests them using advanced econometric methods, including compensation-adjusted hedonic wage equations and mixed-effects meta-analysis. Drawing on Indian labour market data, it produces robust estimates of the Value of Statistical Life and Injury and uncovers systematic heterogeneity and segmentation in risk pricing. The findings inform cost–benefit analysis, occupational safety regulation, and the implementation of India’s Labour Code on Occupational Safety, Health and Working Conditions.'
- Prof. K.R. Shanmugam, Former Director, Madras School of Economics, Adviser, Government of Tamil Nadu
'Value of Statistical Life in India offers a unified labour‐economics and econometric analysis of how occupational risks are priced in Indian labour markets and how such valuations should inform public policy. Combining compensation-adjusted hedonic wage models, mixed-effects meta-analysis, and intertemporal discounting frameworks, the book addresses endogeneity of job risk, unobserved heterogeneity, and labour market segmentation. Using original Indian data, it produces robust estimates of the Value of Statistical Life and Injury with direct relevance for regulatory impact assessment. By linking empirical evidence to occupational safety regulation, compensation design, and the Labour Code on Occupational Safety, Health and Working Conditions, the volume provides a rigorous foundation for evidence-based labour policy and risk governance.'
- Prof. TCA Anant, Former Professor, Delhi School of Economics, Former Chief Statistician of India and Secretary MOSPI, GOI, Former Member UPSC, Adjunct Professor, School of Public Policy, TISS, Hyderabad
