In this study we examine the issue of the need of labour reforms in the globalised economy. The two legislations discussed in detail are: Chapter VB of Industrial Disputes Act, 1947- provisions relating to layoff, retrenchment and closure of industrial establishments and provisions regarding abolition and regulation of contract labour in Contract Labour (Regulations and Abolition) Act, 1970. We have dealt the issue from multiple stakeholder (Trade Unions, Employers, Political Parties and the Government) point of view. We have listed their interests and the respective positions taken by them. Based on these observations, we have made certain suggestions and emphasized the need to take the balanced view and build consensus in the larger interests of the stakeholders.