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Research shows that India needs to create 115 million jobs by 2030

India needs to create 115 million jobs by 2030 as more people enter the labor market, a study has found. This suggests that the South Asian country needs to boost the services and manufacturing sectors to grow the economy.

Asia’s third-largest economy will need to generate 16.5 million jobs every year, up from 12.4 million a year in the past decade, Trinh Nguyen, a senior economist at Natixis, wrote in a report on Monday. About 10.4 million jobs will have to come from the formal sector, she added.

“To accomplish this mammoth task, India’s growth engine must be firing on all cylinders over the next five years, from manufacturing to services,” she said in a research note.

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