The Dark Side of The Incredible Indian Economic Boom

India is the fastest-growing economy this year and has been one of the fastest-growing economies of the past decade. But while the economy is booming, polls and surveys show that Indians themselves believe that their personal economic situation is getting worse - but how is that possible?

Disclaimer: This video is in no way meant to be disparaging towards India or Indians. Its purpose is to provide an insight that goes beyond media headlines and highlights aspects of its economic growth that tend to be overlooked.

Referenced data:

[prashanttiwari]

One thing you have missed is that India's growth has been led by service sector not manufacturing like in case japan, south korea and china. Service sector doesnt employ all that many people and hence the unemployment.

[mountainous_port]

Indians are unhappier now despite the economic growth because much of that economic growth is not transformed into better public services. So the economic growth simply stretches all prices up without really making any quality growth.

[presidentrepublic]

Man you deserve a medal. I live in india. And not many foreign people seem to understand what the problem really is. You summed it up perfectly.

[tejaswiguttina]

In india education is like a RAT RACE, if you don't get into top institutions you are doomed ...
There's so much competition for a seat in a good University or even for getting a good job(not even the best) the competition is ridiculously tough ...

[mahive]

The problem with India is most of the this economic growth is brought by service sector
Which employs few and highly qualified people
Indin policymakers never focused on manufacturing which employs unskilled labour in mass scale

[rohansolo]

India before 1991: suffering because of bad socialism. India after 1991: suffering because of bad capitalism.

[dpsm]

You explained it very well. Neither government nor the media, for obvious reasons, would show this true picture of the state of economy at the ground level. As an Indian, I was always being fed with only positive news around the growth and economic boom but I never saw that level of positivity and happiness on the ground.

[theperson]

There is only one reason for unhappiness: Competition.
There are just so many people fighting for the same job, that you don't get paid enough. Highly qualified engineers in Amazon India on senior levels are paid not even half of what they would be in Amazon US at entry levels.
Inflation isn't going down, the cost of living is increasing but the salaries can't catch up. That's the issue. Because of high education and the high population, there are always a hundred other people ready to grab your job if you leave. You don't have as much value as you should.

[darshita]

As an Indian I think this video is pretty accurate, good research. The main problem is the growing inequality which makes the problem worse easily.

[Creative___Mind]

I think you hit the nail right on the head with the jobs point. Only civil services, law, STEM and an MBA/CA are considered viable career options. If you try anything different, people think you are wasting your life. Especially if you are good in studies. There's a joke that if you get 85+% in the boards, even god can't save you from going to STEM. I am a school student myself. My average score is 90% and I decided not to opt for STEM. What an uphill battle it was to convince my parents and despite it being over 2 years since my decision, I still have to explain to society why I am 'wasting my life by not choosing science.' And the number of people I know who have taken STEM despite not being cut out for it is just ridiculous.

Edit: damn, this comment blew up. The replies are just wild. For all wishing me well, I extend a warm thank you. My first semester results were 95% which could have been 98% had it not been for health issues. For those mocking me, I am quite aware of the lack of opportunities. The degree I plan to pursue is one that has adequate jobs and is only growing. Yes I do agree that for many humanities degrees there are close to no opportunities here in India, but still, that does not mean no opportunities exist. And if you can reach the top of your field, you can make good money in any field. I'll not participate in an already heated debate but I'll say everyone has their opinions and makes their choices. Don't try to force yours on others. Nobody is crediting you for their success or blaming you for their failures.

[kirkl.collins]

the severity of the condition of our economic circumstances is beyond many peoples comprehension and many continue to deny its existence

[Saj]

As an Indian, the most common thing I see here is that the rich get richer and the poor get poorer!

[gckuldeep]

South Indian rural life is better than unhappy urban life. Rural life especially in south India is the best place to live in.

[Luvallo]

One of the reasons for unhappiness and infact distress is that the infrastructure in most cities is below average and sub-standard. People don't have the absolute freedom to move around. I know the govt. is working, but it is not fast enough. Infrastructure needs to be developed at breakneck speed. That creates employment, accessible resources, and investor confidence. The recent report on Bengaluru (India s so called silicon valley) being unlivable is proof. Lack of govt. s vision and will to resolve issues in Bengaluru is the real reason why such issues have sprout up and why they linger on.

[PikachuFanRishabh]

I have pretty average expectations for my country. Even a decade ago, we were discussing changes in the education system, bureaucracy etc. and I guess even after a decade we'd be discussing them.

[ijustfelldown]

It's so true that technical education has been severely devalued here.
I'm a civil engineer, graduated in 2021. The competition in this country is insane. Starting salaries in urban India for a civil engineer is as low as merely ₹8K to ₹10K ~($150). I have multiple skills relating to the typical job for a civil engineer, yet the job offers are laughable. I have the resources to get through this but majority of people are not so lucky.
You have to be insanely smart to get a starting salaries that are merely half decent. Not to mention how much pressure you have from your immediate family and peers to do something with your life. People who hate maths are forced to get engineering degrees because the myth of only engineering will pay your bills refuses to die among Indian parents.

[uncertaintyunravelled]

India is in for a lot of pain as consolidation and massive infrastructure build up allows massive firms to eat up the informal sector. As an investor in India this is damn good, but if you're the one running a small Kirana (grocery/misc) store you're dead in the water.

[shoaibahmed]

Indian here.
Rich getting richer. Poor getting poorer.
Amazing country with lots of potential but still lots of work to be done.

[paradiseruler]

India isn't taking adavntage of its population. And when a country doesn't take that advantage, it experiences lowering/ not increasing individual economy.
Still India has time, it can create a boom in manufacturing sector and direct individuals to lower(considered) branches of govt engg colleges and other jobs like judges (number are really low) etc.
India need institutions like top iit for each sector and studies.
One of many things i completely agree with Modiji is india needs job creaters and i add to it as "responsible" job creaters.
Accomplishing this would be a greater and much needed miracle.

[dkumartiwari]

Indians are unhappy with parents choosing their future and having too much control over it. Yes we have a shit load of engineers who could have been something better and a lot of them do find themselves and create their own stream but the years lost in between cost us as a nation.