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India could emerge as the second-biggest economy in the world by 2039, but the country needs to improve its workforce, a senior market analyst has suggested.
Expatriates considering the move to India may be interested to hear the comments made by Harinder Kohli, former senior adviser and director at the World Bank, who said if India’s GDP continues to grow at the rate of eight to nine per cent, it could emerge ahead of the US in terms of economic growth.
India must be aware of getting caught in the "middle income trap", Mr Kohli said, as this is the point at which countries start stagnating and cannot grow to advanced country levels.
Nations caught in this trap, such as Mexico and Brazil, he said, are unable to compete with low-income, low-wage economies in manufacturing exports and cannot keep up with advanced economies in high-skill innovations.
Chairing a Confederation of Indian Industry session, he commented: "At that stage, India needs to improve the quality of its workforce and address issues such as inequality in terms of per capita income between different states, and start working on those matters now itself as it takes a long-time to produce results."
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