The Reserve Bank of India (RBI) has emphasized that the Indian economy needs to grow at a rate of 8-10 per cent per annum over the next decade to reap the demographic dividend. The RBI believes that India's favourable demographics will help it break the low middle income barrier and harness its young and rising labor force. The working-age population is expected to grow at a rate of 9.7 million in 2021-2031 and 4.2 million in 2031-2041 per year, making a focus on labour quality essential for the growth strategy.
