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Young India Ready To Replace China As Asia’s Growth Engine
Young India is set to replace China to become the growth engine of the Asian continent. India is ready to emerge as the economic superpower of Asia driven by the young population of the country.
According to multiple media reports, China’s biggest challenge at present is the rapidly aging population which will climb to more than half a billion by 2017. Meanwhile, India has the advantage of a younger population assisted by gains in foreign direct investments, technology, manufacturing and increased revenue. A detailed report by Deloitte LPP., states India will drive the third great wave of Asia’s growth following Japan and China, with the workforce increasing to 1.08 billion people from 885 million in the next 20 years. As per the report, India will account for more than half of the increase in Asia’s workforce who will be better trained, skilled and better educated than the existing populace.
However, this boom in the workforce will also require the right framework to sustain and promote growth and development. While India has seen some major developments in the economic sector this past couple of years, consistent government support along with a focus on educated women in the workforce and skilled labor is essential for sustained growth. In 2015, India overtook both China and America in terms of foreign direct investment with an inflow of $ 63 billion. Another great potential in India rising as a manufacturing hub is due to the availability of cheap labor while the labor costs in China continue to rise. At the same time, initiatives such as the Make In India program, Startup India hub, artificial intelligence task force, credit schemes and Agri Udaan schemes for agriculture based startups have only encouraged startups and improved domestic manufacturing of products. The GST rollout also gave startups the breathing room to develop and expand before having to pay taxes by leveling the tax field, increasing tax credit and simplifying the entire taxation process.
India’s fast emerging startup ecosystem although had a sluggish growth, made a name for itself in the global startup ecosystem as the 3rd fastest growing hub for startups. In 2017, multiple Indian startups caught the eye of Silicon Valley investors and incubators with more than 12 startups raising close to $ 74 million through funding and acquisitions. The startup ecology also picked up momentum in the past few months due to numerous government initiatives, increase in the total number of investors and incubators, global interest and encouragement from industry veterans. India also became a pumping ground for multinationals based in Japan and China owing to the big unexplored Internet of Things industry.
Japanese and Chinese markets have already begun embracing the opportunities that arose from the aged populations in sectors including nursing, consumer goods for the elderly, age appropriate housing and social infrastructure. By 2050, Asia will have to cope with over $ 1 billion people aged above 65 years. But, by then, India’s pool of tech talent coupled with low cost tech innovations, cheap labor, better governance, new initiatives and closer military ties with superpowers of the world will push the developing nation to become the economic growth driver of the continent.
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