Why India's world-beating growth is not enough to end its deep jobs drought

With more than 90% of India's labor force employed in the nation's informal economy, the government has struggled to produce reliable jobs data to even get an accurate read on the level of joblessness

The world’s fastest growing major economy isn’t growing nearly fast enough.

That may seem like an absurd description for India, an economy the International Monetary Fund expects to expand 7.3 percent in the fiscal year through March 2019 and 7.5 percent in the next. Yet the reality is that even at its current pace, India is having trouble creating enough new jobs for its massive workforce or enough wealth to broaden its middle class.

With its demographic tailwind and massive developmental needs, Asia’s third-biggest economy should be growing at double-digit rates. Holding India back are glacial economic reforms, a fragile banking sector,