Economy has no innerwear.

"India is set to become a high-income country by 2047 with a projected GDP of USD 23 trillion to USD 35 trillion, buoyed by the services sector. a report has said. By 2047, the services sector is projected to make up 60% of India's GDP, while manufacturing will account for 32%, both becoming crucial drivers of economic growth." ET. That would be a miracle because, "For the past 15 years, incomes of ordinary Indians - those between the top 15% and 50% of the population - are stagnating. Over 120 mn people between 18 and 35 are neither in education nor looking for employment. The population 'employed' in agriculture is at its highest level, even as the share of manufacturing in GDP is at its lowest level in 30 years." "All of the above are markers of a failed middle-income country," wrote Rathin Roy. "India's dependence on Chinese raw materials for garment manufacturing, particularly in the innerwear segment, is hurting the domestic industry." 'Raw materials' does not mean rare earths which are very expensive to extract (wikipedia), but cotton yarn, spandex, synthetic fibers and elastic. Men's innerwear exports have dropped 24%, from $720 million to $548.28 million, women's innerwear exports have dropped 20.37%, from $627.74 million to $499.86 million, while exports of bras, corsets and suspenders have dropped 35.30%, from $95.14 million to $61.56 million, between FY22 and FY24. Mint. "India is the largest producer of cotton globally, accounts for 23% of total global cotton production." IBEF. "Today, India produces almost all the types of synthetic fibers, be it polyester, viscose, nylon or acrylic and hence we are at an advantage compared to any other nation across the world. Currently, India is the 2nd largest producer of both polyester and viscose globally." Ministry of Textiles. Why are we having to import from China if we are producing all the raw fibers? It means we are unable to produce high quality fabric. "The 2024-25 Economic Survey found that over 53% of graduates and 36% of postgraduates are employed in roles below their educational qualifications." msn.com. "Corporate India is riding a wave of record-breaking profits," and while, "companies are raking in their highest earnings in 15 years, wage growth and jobs are lagging far behind, sparking concern over rising income inequality and its impact on the economy." Mint. However, the construction industry "is expected to grow 11.2% to reach INR 25.31 trillion in 2024," and to continue growing at a compound annual growth rate (CAGR) of 9.6% to INR 36.58 trillion by 2028. BW. Construction is highly dependent on labor, but "L&T chairman says laborers are unwilling to work or relocate for jobs due to availability of welfare schemes and a preference for comfort." "He has noted a similar mindset in white collar professionals too." HT. "India ranked 96 out of 180 countries in the Corruptions Perception Index (CPI) for 2024 as its overall score dropped a point to 38, according to a Transparency International report." "India's rank in 2023 was 93." ET. And hence, "About 10,000 millionaires have left India in the last two years, according to data on millionaire migration from Henley Private Wealth Migration report." ET. Can't make innerwear. Naked underneath.