Most developed countries have been struggling with years of slow economic growth. The United States is likely to manage only two or three percent increases in GDP for the foreseeable future. The European Union and Japan would be happy with one percent. In addition, China will report six percent, but that probably translates to true gains of just four percent.
In this company an India that surges seven or eight percent for years to come will stand out. Not surprisingly, such a prospect has won it plenty of international attention, with everyone from Apple’s Tim Cook to the World Bank offering praise.
Yet there is a catch. India’s growth in GDP would constitute a resounding success only if it was labor intensive, involving sustained and large-scale job creation. If not, millions of young Indians entering the labor force will not be able to find decent jobs and growth
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