Employers and the critics of the governance of the industrial relations system and the labour market in India have argued for reforms of the same since the introduction of economic reforms in 1991. They have been demanding reforms of the laws governing collective institutions like trade unions, collective bargaining and strikes, the structure of resolution of industrial disputes, and employers actions like lay-offs, and retrenchment of workers and closure of establishments, among others. These they argue will promote ease of doing business. On the other hand the trade unions contesting employers' demands have put forward their own agenda to strengthen labour rights. The Central Government has recently sought to codify the so-called numerous labour laws into four codes Wages, Industrial Relations, Occupational Safety and Health and Working conditions, and Social Security. The Wage Code has recently been passed into a law. The Central government has introduced the Industrial Relations Code in the Parliament in November 2019 (IRC 2019). Each Code has its dynamics, but IRC is the most sensitive and surely the most important bill as it lays down the foundations of the edifice of labour relations and rights in pluralistic and democratic society such as ours. It hence deserves careful and due attention and cannot be passed as law hurriedly. This short monograph critically analyses in detail the IRC 2019 and provides recommendations for suitable changes in it keeping in mind relevant research on the issues involved and the interest of the stakeholders as far as possible. Following the ILO perspective this monograph stresses that the government must hold effective and meaningful social dialogue in redrafting the Code to achieve at once promotion of ease of doing business and strengthening of labour rights. Hope this monograph contributes to sound law making processes amd healthy and sensitive laws.