Despite all the optimism that's luring investment from the likes of Apple Inc. to India, the reality across most cities and villages is that the "boom" just isn't creating enough quality jobs for the millions of people entering the workforce each year. 

The challenge is enormous and urgent. According to a report by investment bank Natixis SA, one out of every five working-age people on Earth will be Indian by 2030, meaning the country needs to create at least 115 million new jobs by the end of the decade.

Devashish Mitra, Gerald B. and Daphna Cramer Professor of Global Affairs, says India Prime Minister Narendra Modi hasn't been able to live up to his jobs promises due to stagnating exports, the slow implementation of labor reforms and insufficient education and training for new workers. The greater the delay in job creation today, the more employment needs to be created in the future, compounding the challenge.

“This demographic dividend could easily become a demographic curse if the labor market gap is not handled well,” Mitra warns.

Read more in the Bloomberg article, “India’s Economic Boom Has Not Solved Its Job Crisis.”