![]() ![]() Higher incomes will boost consumption, prompt businesses to invest even more and create new jobs, setting off a so-called virtuous economic cycle. Jobs are an important piece of the puzzle if India wants to increase its per capita income, which is currently below neighboring Bangladesh’s $2,723. But India is struggling to create enough jobs even in that sector, despite growing at a pace that few major economies can match. ![]() Delays in boosting manufacturing and a broader decline in agriculture mean that the 12 or so million Indians entering the workforce every year must rely largely on services for opportunities. “But needs to be advanced because when companies come and establish themselves, they need land.”Įmployment is another headache. “It’s a difficult reform,” said Nada Choueiri, Mission Chief for India at the International Monetary Fund. The company has once again returned to Odisha, with plans to build a 24-million-ton a year plant through a joint venture with Nippon Steel Corp. The world’s largest steel producer attempted to build a steel plant in the eastern state of Odisha more than a decade ago, but ditched the plan in 2013 because executives couldn’t obtain land and permits needed to mine iron ore, a key raw material. Ensuring businesses can obtain land is another hurdle. ![]() To meet expectations of a transformed India, Modi must continue to cut red tape and streamline labor laws. And for every success, there are many companies that have quit India because of long-running challenges such as dealing with the country’s bureaucracy, including General Motors Co., Ford Motor Co. and Harley-Davidson Inc."> While recent financial incentives under Modi offered Apple a cost-efficient path to set up shop in India, the California-based company is still making a fraction of its iPhones in the nation. ![]() Apple a cost-efficient path to set up shop in India, the California-based company is still making a fraction of its iPhones in the nation. ![]()
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