China’s economy might get more attention, but India’s is outpacing its neighbor in economic growth. In fact, India came in as the world’s fastest growing large economy during 2018, according to the IMF. India’s prime minister faces criticism for a lack of job creation and the workforce remains largely in the informal sector. This year, India is in the midst of an important election. Beyond recent tensions with Pakistan, the economy is a key campaign issue.
Indian voters are deciding on their next prime minister and one key issue that could sway voters is how much Prime Minister Narendra Modi has done with the country’s economy.
India’s economy is the fastest growing large economy in the world. The United Nations expects India’s current population of 1.3 billion to keep growing and surpass China by 2024.
However, the country is facing a few obstacles.
A few years ago, Prime Minister Modi, promised to add 10 million jobs to help boost the economy.
That hasn’t really happened. The unemployment rate now sits at a 45-year high. And GDP per capita, which is a measure of wealth across a country, lags behind rivals like China by a wide margin.
Can India keep growing at such a fast pace? And if it does, at what cost?
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How India’s Economy Is Growing At A Faster Pace Than China’s