Economics
India's World-Beating Growth Not Enough to End Deep Jobs Drought
- Challenges: fragile banks, rigid labor laws, spotty schools
- Modi aims to promote manufacturing and lure foreign investors
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The world’s fastest growing major economy isn’t growing nearly fast enough.
That may seem like an absurd description for India, an economy the International Monetary Fund expects to expand 7.3 percent in the fiscal year through March 2019 and 7.5 percent in the next. Yet the reality is that even at its current pace, India is having trouble creating enough new jobs for its massive workforce or enough wealth to broaden its middle class.