This report was written as India, along with countries everywhere, was grappling with the human tragedy and economic crisis brought on by the COVID-19 pandemic. The duration and intensity of the crisis will mark economic policy in the short to medium term, as we and others have described in a range of publications. This report goes much further. It looks at the longer-term trends that will affect India’s economy over the next decade and beyond, and focuses on what we consider to be India’s critical challenge: restoring strong GDP growth in order to create sufficient gainful jobs for the tens of millions of people who will join the labour force between now and 2030. If India is able to move back to a fast-growth track, it will ensure greater broad-based prosperity for its people and secure its place in the ranks of emerging economies that have outperformed their peers in recent decades. Failure to restore high growth, however, risks a decade of economic stagnation and rising joblessness.