This bill is part of the government's initiative to reform labour laws by amalgamating 44 legislations related to labourers.
Industry bodies exuded confidence that India will climb the rankings further to be among the top 50 nations.
The government has notified the Code after it received assent from the President of India on August 8.
The bills will cover the safety, working conditions and wages of workers and promote the ease of living and doing business, the minister said.
However, the opposition demanded they be sent to a standing committee for scrutiny.
Proposed Code on Occupational Safety, Health and Working Conditions Bill, 2019, would enhance the coverage of workers manifold.
The Code on Wages is one of the four codes that would subsume 44 labour laws with certain amendments.
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