India’s New Growth Model

India’s growth story has broken an iron law of development that has held for two hundred years since the Industrial Revolution. India has catapulted itself straight from an agricultural economy into a major service center, thanks to the digital revolution. Over the last 30 years, India has grown twice as fast as the world economy, and has ranked in the top 10 percent of all countries in growth performance. Service has been the largest contributor to GDP growth, job growth, and poverty reduction, and pace of contribution has increased over time. Some have labelled India’s growth pattern as idiosyncratic, and not sustainable.