Dear MEL Topic Readers,
Can India become rich before its population grows old?
With a population of roughly 1,43 billion, India is the world’s most
populous country. While its Gross Domestic Product (GDP) is the fourth highest
in the world, the per capita GDP is around $2,700, the 136th in the
world. Compared with Thailand’s $7,000, China’s $22,000, and South Korea’s
$32,000, India is still among the lower middle-class countries. How soon will
India become a middle-income country without leaving a large part of the population,
mainly farmers, behind? There are already-flourished cities like Mumbai, the financial
hub, Bengaluru, the IT epicenter, Chennai, home to the motor industry, and Hyderabad,
a growing IT and manufacturing city. However, the nation needs more employers to
drive the economy before the population becomes old. Can it grow in the way China
has done in the last few decades?
Read the article and learn about the challenges India is facing to be
richer without falling into the middle-income trap.
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