There is no denying the fact that India is an amazing country in terms of culture and evolution. It is now the 6th largest economy in the world. Moreover, it has been categorized as one of the most prominent G20 economies. With a population of 1.2 billion and counting, the economy of the country has a lot in its store to offer you.
Here are three interesting facts you must know about India’s economy:
The Economy is One of World’s Fastest Growing
With more than 7% GDP growth each year, the World Bank recorded India as one of the fastest booming economies in 2017. In the current year, the trend has not faded as the economy is performing to the best of its ability. This trend will continue to remain strong for long.
There is Still a Very High Unemployment Rate
Most indicators have indicated that the economy is performing is quite well, it’s true that there is still a high unemployment rate in the country. India battles with a massive population, and that requires an extremely high rate of jobs each year.
According to analysts, more than 10 million jobs are demanded in the country, and if population continues to grow at the rate it’s growing at present, the situation will take an ugly turn causing chaos all over.
Infrastructure Sectors Have Witnessed a Decent Rise
No doubt some of the major infrastructural sectors have experienced persistent growth. The cement industry has recorded an impressive growth which has been the keystone for other infrastructural sectors.
India is one of the BRIC (Brazil, Russia, India, and China) countries as the economy of the country experienced immense growth. Truth be told, it is predicted that India will outperform several largest economies of the world by 2050.