However, it has grown by an average of over 7% a year for a period of some 40 years, to rank 11th in terms of economic scale worldwide, and its per capita GDP is running at the $ level in 2005.
First and foremost reason is that with big manufacturing companies increasingly automating their operations and process flow, the number of jobs in these industries is going to decline. A recent research based on World Bank data has predicted that the proportion of jobs threatened in India by automation could be around 69 per cent! That is a huge number.