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India's Stagnation Risk
Why is it in news?
- As per the McKinsey Global Institute (MGI) report, India’s GDP needs to grow annually at 8-8.5% to create opportunities in the post COVID-19 era.
More from the Report:
- India will have to undertake a slew of reforms over the next 12-18 months with the aim of increasing productivity and creating jobs.
- Given the increasing urbanisation and population trends, there will be 90 million additional workers in search of non-farm jobs by 2030.
- India will have to triple job creation to 12 million gainful non-farm jobs per year from the 4 million achieved between 2013 to 2018.
- The manufacturing and the construction sectors offer the most opportunities for economic growth.