India to contribute 20% of global workforce growth from 2023-2050

India is set to play a pivotal role in global workforce growth, contributing 20% of it between 2023 and 2050, according to a report by Angel One Wealth.

In contrast, China is expected to witness a decline in its workforce during this period.

The report highlighted the country’s remarkable progress in income levels. It said “By 2030, high-income households are expected to triple, while middle-income households will nearly double, making India the fastest-growing nation in terms of per capita income”.

This will significantly reduce the share of low-income households from 43% in 2018 to just 15% by 2030, marking a major shift in income distribution. The report also mentioned that the country is poised to become the fastest-growing nation in terms of per capita income, supported by strong household balance sheets. (ET)

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