Economic growth is often judged by headline numbers like GDP, stock market indices, investment inflows and corporate profits. Yet the true test of any growth model lies elsewhere: whether it expands opportunities for ordinary citizens. When growth ceases to generate enough secure, productive employment, especially for educated young people, the political consequences can be profound.

India has experienced this paradox for years. Liberalisation and market reforms transformed the economy, lifted millions out of poverty and created globally competitive industries. They also produced a thriving entrepreneurial class and expanded the country’s economic footprint. But the pace of quality job creation has not kept up with the aspirations unleashed by that very success. This mismatch is no longer confined to rural India or the informal workforce. It is increasingly visible among graduates who invested years in higher education believing it would guarantee upward mobility. Rising educational attainment has not been matched by a comparable expansion in formal employment.

As a result, many young Indians now face a labour market characterised by temporary work, underemployment or prolonged job........

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