By 2020, when the global economy is expected to run short of 56 million young people, India, with its youth surplus of 47 million, could fill the gap. It is in this context that labour reforms are often cited as the way to unlock double-digit growth in India. In 2014, India's labour force was estimated to be about 40 per cent of the population, but 93 per cent of this force was in unorganized sector. Over the last decade, the compound annual growth rate (CAGR) of employment has slowed to 0.5 per cent, with about 14 million jobs created

during last year when the labour force increased by about 15 million.