The Wire
India is experiencing rapid economic growth, poised to become the third-largest global economy after the US and China, overtaking Germany and Japan in the next five years. However, concerns persist regarding low job growth and a pro-rich bias, evidenced by high unemployment rates among young graduates. While economic growth has significantly reduced poverty, wealth distribution remains highly skewed, with the top 10% of the population capturing a disproportionate share of national income. The country's structural transformation, favoring services-led growth over employment-intensive manufacturing, has exacerbated inequality. Despite impressive GDP growth rates, India struggles to create productive employment opportunities, particularly for the poor, with a large portion of the workforce still employed in agriculture. Addressing these challenges requires comprehensive efforts to improve education quality, skills development, and sectoral diversification to promote inclusive growth. |
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