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Switch to Hindi Edition. Over 86 percent of all agricultural holdings have inefficient scale below 2 hectares. Suppressed incomes due to low agricultural productivity prompt rural-urban migration.
Migration is circular, as workers return for some seasons, such as harvesting. Only about 10 percent of the workforce is formal with safe working conditions and social security. The share of formal employment in the modern sector fell from 52 percent in to 45 percent in During this period, formal employment went up from Most informal workers labor for micro, small, and medium-sized enterprises MSMEs that emerged as intermediate inputs and services suppliers to the modern sector.
However, workers struggle to get paid, which the government identifies as great challenge. Payroll and other taxes, as well as limited access to subsidized credit for large firms, are disincentives to MSME growth. Although over half of India has smartphone access, relatively few can telework. Retail and manufacturing jobs require physical presence involving direct client interaction.
Indeed, income for families unable to telework has fallen faster. Also, the Reserve Bank of India enacted decisive expansionary monetary policy. Recent projections of GDP per capita growth, taking into account the impact of the pandemic, suggest that poverty rates in have likely reverted to estimated levels in As in most countries, the pandemic has exacerbated vulnerabilities for traditionally excluded groups, such as youth, women, and migrants.
Labor market indicators suggest that urban households are now more vulnerable to fall into poverty than they were before the onset of the pandemic. A national lockdown to contain the health emergency was complemented by a comprehensive policy package to mitigate the impact on the poorest households through various social protection measures as well as on small and medium enterprises through enhanced liquidity and financial support.
To build back better, it will be essential for India to stay focused on reducing inequality, even as it implements growth-oriented reforms to get the economy back on track. The World Bank is partnering with the government in this effort by helping strengthen policies, institutions, and investments to create a better future for the country and the people through green, resilient an inclusive development.
Between FY17 and FY20, growth decelerated from 8. In FY21, the economy contracted by 7. In response to the COVID shock, the government and the Reserve Bank of India took several monetary and fiscal policy measures to support vulnerable firms and households, expand service delivery with increased spending on health and social protection and cushion the impact of the crisis on the economy.
Thanks in part to these proactive measures, the economy is expected to rebound - with a strong base effect materializing in FY22 - and growth is expected to stabilize at around 7 percent thereafter. In FY18, the relationship reached a major milestone when India became a low middle-income country and graduated from International Development Association financing. What will the WBG work on? In all its activities, the WBG will seek to address climate change, gender gaps, and the challenges and opportunities afforded by technology.
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