India set to become world's most populous country by mid-2023, UN reports.

India's large, young population has the potential to be an economic boon, but only if the country can create enough well-paying jobs to accommodate the millions who enter the workforce each year. India's official unemployment rate is high, and the country is struggling to attract global investments. While some experts see India as well-positioned to take advantage of companies diversifying beyond China, others warn that India's lack of skilled labor in high-end manufacturing industries could hurt its prospects. With fertility rates falling, India's window of opportunity to capitalize on its demographic dividend is shrinking, and the country must act quickly to avoid a potential demographic disaster.