India should generate more salaried jobs: World Bank

India should create more salaried jobs rather than self-employed ones, which will help it join the ranks of the global middle class by 2047, World Bank has said.

India should create more salaried jobs rather than self-employed ones, which will help it join the ranks of the global middle class by 2047, World Bank has said.
 
In a draft Systematic Country Diagnostic (SCD) for India, the multilateral agency said there is a need to create earnings of people to close wide ineqalities existing in the society.
 
“The issue is not just the number of jobs but also the type of jobs. A transition into the middle class calls for the creation of salaried jobs, which is a rare privilege in India today where less than a fifth of workers are in salaried employment,” the World Bank said in a first-of-its-kind draft report published on its website, seeking comments from stakeholders.
 
As per the Government of India's Economic Survey 2017-18, if India's per capita income grows at 6.5 per cent annually, the country will reach upper-middle income status by the mid-to-late 2020s.
 
As per a report by LiveMint, India got the status of lower middle income a decade ago and today has a per capita income of $6,538 (in 2011 PPP terms), which is 12 per cent of the US. 
 
Source: LiveMint

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