Samir Saran|Vivan Sharma
The informal economy is growing in India, and that may be a good thing. Even as policy-makers around the world attempt to grapple with challenges linked to labour productivity and ageing, India’s circumstances are unique. By 2030, when most major countries will have middle-aged or elderly workforces, India will still be young. Around 36% of the Indian population in 2011-12 was 17 years or younger and around 13% was between 18 and 24 years (Table 3.3). The informal economy also accounted for nearly half of the employment for those between 18 and 24. Therefore, the discussion on the future of India’s informal workforce must be brought to the forefront when discussing growth, employment, sustainability and poverty eradication efforts.
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This paper has been published in the OECD Library under Chapter 3 – ‘Risks and Opportunities for Inclusive Societies in Developing and Emerging Countries’ of the book titled, ‘ Beyond Shifting Wealth: Perspectives on Development Risks and Opportunities from the Global South’.