Chennai: India’s transformation from a rural-based economy to a services-led economy is incomplete. As the population continues to grow, India will need to create up to an additional 148 million jobs by 2030 and 324 million jobs by 2050, finds the IMF. In order to realise gains from its demographic dividend, India needs to implement wide-ranging structural reforms.
India’s strong growth in recent decades has lifted millions of people out of poverty and transformed the economy from mainly rural-based towards an important global, services-led economy. The transformation is not yet complete and important reforms will be needed to further lift India towards upper middle-income status.
Its structural transformation remains incomplete. Economic activity has shifted from agriculture to services, but agriculture remains the predominant employer. Catch-up to the technological frontier has been uneven, with limited progress in agriculture, construction and trade, which have grown the most…
