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Has been driven by its large and growing population, which has caught the attention of global corporations looking for a huge market and a manufacturing powerhouse as an alternative to China. India’s demographic dividend, with the largest number of young workers, has been a key factor in this success.
Human capital powerhouse
Referring to this demographic dividend, India’s G20 Sherpa Amitabh Kant has said, “The growing population of young people in our country is a juggernaut of possibilities which must be tapped into by both the public and the private sectors.” In an article in a prominent English daily, Kant wrote, “By 2030, over 1 billion Indians will be within the working age group of 15-64. This will position India as a powerhouse of human capital and the largest producer of human resources in the world.”
India’s remarkable economic growth, however, is not without its challenges. The country is witnessing the secondlargest rural-to-urban migration in human history, with masses moving to cities in search of work. The biggest challenge is to create enough jobs for its young workforce, while ensuring inclusive growth.
The Government, under PM Modi’s leadership is aggressively expanding its infrastructure and taking all possible measures to meet these twin challenges.
As India continues to grow and develop, it will need to address its challenges while leveraging its demographic dividend. This will require a comprehensive approach. The world will be watching as India navigates these challenges and continues on its path to become an economic powerhouse.
