The Indian budget every year has always been an eagerly awaited event. For many decades, the best minds in economics, finance, tax, business and industry throng the media house to analyze the provisions shared by the Financial Minister.
Sometimes major events completely disconnected may be data points for the plans of the different powers around the world. The challenge is to discern what purpose they serve? More critically, what are we moving towards?
When the US Ambassador threatened India's "Strategic Autonomy" policy over India's friendship with Russia - much more than meets the eye was at stake. Let us unpack how the Ukraine war has fundamentally changed the US and the world. And why are we here anyway?
India’s growth rate of GDP has faltered to just around 5% in the last year or so. It was hovering at 8-9%, which though far less than China’s for most of last 25 years, but still substantial for an increase in jobs and prosperity for many.
What people are losing sight of is that in the coming decades, not only will India need to increase the growth of the economy, but also its education infrastructure. Because the population is increasing at a rapid clip. Specifically the youth. From 15-50. This would require massive infrastructure to educate them and to absorb them into the workforce!
Given India’s demography, harnessing its knowledge capital assumes even greater significance not just for the country but also for the world. At present, more than half of India’s population of 1.2 billion is less than 25 years of age. It is estimated that while the global economy will experience a skilled manpower shortage of 56 million by 2020, India will be one of the few countries in the world with a working-age population that exceeds its number of retirees. The TeamLease India Labor Report 2009 estimates that the country’s population will increase from one billion in 2001 to 1.4 billion by 2026, and 83% of this increase will be in the 15-59 age group. This means that in the next 12 to 13 years around 25% of the new workers entering the global workforce will be Indians. (link)
If the growth falters, the absorption into the workforce will not happen for this growing youth. Suddenly, what can be an asset for a turbo charged growth, can turn into a big raging inferno. The rage and the intensity of the youth was visible in the protests against the government. They will only increase. Until their needs, their voices are heard.
The Indian budget every year has always been an eagerly awaited event. For many decades, the best minds in economics, finance, tax, business and industry throng the media house to analyze the provisions shared by the Financial Minister.
When the US Ambassador threatened India's "Strategic Autonomy" policy over India's friendship with Russia - much more than meets the eye was at stake. Let us unpack how the Ukraine war has fundamentally changed the US and the world. And why are we here anyway?
This visit of India left me with many questions. Many observations and inputs from different people and sections. Food for thought that I have tried to contemplate on and make sense of. Sharing all that with you.
When you analyze the last 60 years of the economic miracles of Singapore, South Korea and Malaysia versus the continued impoverished Indian economy, you get very interesting lessons. Can Indians have the wherewithal in them to do in one generation so that the coming generations may rise?
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