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8 things you need to know about India’seconomyBy 2050, India’s economy is projected to be the world’s second-largest, behind only China.Image: REUTERS/Adnan Abidi01 Oct 2017Andrew WrightFreelance writerThis article is part of theIndia Economic SummitIndia’s economic success in recent years has helped to ensure that South Asia is thefastest-growing region in the world – but it faces significant challenges alongside itsopportunities 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 growthIndia is the world’s seventh-largest economy, sitting between France and Italy. Its GDP
growthrecently dipped to 5.7%; still, India isgrowing fasterthan any other large economyexcept for China. By 2050, India’s economy isprojected to be the world’s second-largest,behind only China.India is home to 1.34 billion people – 18% of the world’s population. Itwill have overtakenChinaas the world’s most populous country by 2024. It has theworld’s largest youthpopulation, but isn’t yet fully capturing this potential demographic dividend – over 30% ofIndia's youth are NEETs (not in employment, education or training),according to the OECD.Image: Visual CapitalistSome progress tackling corruptionThe newly-published 2017 edition of the World Economic Forum’sGlobal CompetitivenessReportfinds that, once again, India’s executives consider corruption to be the mostproblematic 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 rankingsfor the quality of institutions, continuing a recovery in this area that began in 2014 with theelection of the Modi government. In particular, India now ranks an impressive 23rd among