Blitz Bureau
INDIA is on the move to become a global manufacturing hub, driven by its rapid economic growth and strategic initiatives. India’s strong demographic advantage, projecting significant growth until 2060 due to its young and expanding labour force will be the game changer.
According to a report titled “Outlook on Emerging Markets” by the global financial services firm Lazard, with nearly 80 per cent of its population under the age of 50 and a rising middle class experiencing real wage growth, India is poised to benefit from a substantial demographic dividend. The report credits the first two terms of PM Modi’s government with succeeding in stabilising India’s macroeconomy, integrating millions into the digital economy, and implementing tax and other reforms.
It also pointed out that PM Modi’s plan to transform India into a developed country by 2047 is set to remain a central goal during his third term as well. However, the report also notes that there are some challenges in the education and agriculture sectors.
