The single biggest policy challenge staring India in the face is that of creating 20 million formal jobs every year for the next two decades, starting yesterday. There’s some debate about how well we’ve done so far — some estimates say it’s less than 500,000 per year while others suggest we’ve done as well as 6 million in one year — but no one really knows for sure. Even if we take 6 million, the highest estimate, it’s still less than one-third of what we need. Remember we are talking about real jobs here, or what we in India call
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