India’s labor market is expanding, according to Prime Minister Narendra Modi, and significant international players believe India will become a superpower in the near future.
“The future looks bright with 12.5 crore jobs created in FY14-23, doubling of EPFO subscribers, and India positioned to be the third largest economy by 2030.” PM Modi made a comment on X in a post.
In his article, PM Modi highlights the ‘Great Indian Job Story’ with statistics, pointing out that, in contrast to the global average of 38%, 69% of Indians think the nation’s economy is heading in the right path. India’s ascent to the position of the world’s fifth largest economy, primarily due to domestic consumption, and its increasing sway in forums such as the G7 meeting and BRICS, serve to reinforce this notion.
It also highlights 12.5 crore employment produced between FY14 and FY23, or 2 crore jobs year on average; a 56% increase in workers’ income (FY22–23); the AI market is expected to reach $77 billion by 2027; and India’s economy is expected to grow to $10 trillion.
