8 things you need to know about India’s economy | World Economic Forum.pdf

8 things you need to know about India’s
economy
By 2050, India’s economy is projected to be the world’s second-largest, behind only China.
Image: REUTERS/Adnan Abidi
01 Oct 2017
Andrew Wright
Freelance writer
This article is part of the India Economic Summit
India’s economic success in recent years has helped to ensure that South Asia is the
fastest-growing region in the world – but it faces significant challenges alongside its
opportunities for further growth.
Ahead of the India Economic Summit 2017, taking place in New Delhi from 4-6 October,
here are eight things you need to know to understand the current state of India’s economy.
Economic and population growth
India is the world’s seventh-largest economy, sitting between France and Italy. Its GDP

growth recently dipped to 5.7% ; still, India is growing faster than any other large economy
except for China. By 2050, India’s economy is projected to be the world’s second-largest ,
behind only China.
India is home to 1.34 billion people – 18% of the world’s population. It will have overtaken
China as the world’s most populous country by 2024. It has the world’s largest youth
population , but isn’t yet fully capturing this potential demographic dividend – over 30% of
India's youth are NEETs (not in employment, education or training), according to the OECD .
Image: Visual Capitalist
Some progress tackling corruption
The newly-published 2017 edition of the World Economic Forum’s Global Competitiveness
Report finds that, once again, India’s executives consider corruption to be the most
problematic factor they face when doing business within the country.
But it also shows that progress is being made. India again moves up the report’s rankings
for the quality of institutions, continuing a recovery in this area that began in 2014 with the
election of the Modi government. In particular, India now ranks an impressive 23rd among