India's world-beating growth not enough to end deep jobs drought

Holding India back are glacial economic reforms, a fragile banking sector, rigid labour laws and a spotty educational system

The world’s fastest growing major economy isn’t growing nearly fast enough. That may seem like an absurd description for India, an economy the International Monetary Fund expects to expand 7.3 per cent in the fiscal year through March 2019 and 7.5 per cent in the next. Yet the reality is that even at its current pace, India is having trouble creating enough new jobs for its massive workforce or enough wealth to broaden its middle class.
 
With its demographic tailwind and massive developmental needs, Asia’s third-biggest economy should be growing at double-digit rates. Holding India back are glacial economic