Youth and the Future of India’s Economy
The Next Generation:
The alignment of the 2030 Agenda and India’s 2047 vision, and the opportunity for international cooperation at the United Nations Summit of the Future – calls for active future planning and youth inclusion in decision-making.
India’s youth bulge is an unparalleled demographic advantage, with a staggering 65% of our population below the age of 35. This vibrant cohort possesses an untapped wellspring of creativity, innovation, and resilience. To harness this immense potential, it is imperative to channel their
energy towards constructive avenues and provide them with the necessary tools and platforms for self-expression.
As India celebrates its 78th Independence Day, the country stands on the cusp of a significant demographic shift. This burgeoning young population is not just a statistic; it represents a powerhouse of potential, innovation, and energy poised to drive the country towards new heights of prosperity.
Demographic Dividend
India’s demographic dividend in terms of youth population is a key factor that is expected to propel economic growth.”
India’s demographic dividend offers a unique opportunity. According to the United Nations Population Fund (UNFPA), India is set to have the world’s largest working-age population by 2030, with 1 billion people between the ages of 15 and 64. This young, vibrant workforce can be the catalyst for economic growth, driving productivity and innovation. As these young minds enter the workforce, they bring with them new perspectives, skills, and ambitions. Harnessing this potential effectively is crucial for India’s economic trajectory.
Education and Skill Development
Education is the cornerstone of any nation’s progress. In recent years, there has been a significant push towards enhancing the quality of education and making it more accessible. Initiatives like the New Education Policy (NEP) 2020 aim to revamp the educational landscape, focusing on critical thinking, creativity, and vocational training. However, there remains a gap between educational outcomes and industry requirements.
“The youth need to be enabled to become job generators from job seekers.” — A. P. J. Abdul Kalam.
- According to a report by the World Economic Forum, by 2030, India will need an additional 140 million skilled workers across various sectors.
- The Government of India’s Skill India Mission aims to train over 400 million people by 2025, reflecting the scale of investment in skill .
Entrepreneurship and Innovation
Innovation distinguishes between a leader and a follower.” – Steve Jobs
The entrepreneurial spirit among India’s youth is commendable. The rise of startups in various sectors, from technology to agriculture, highlights the innovative capabilities of young Indians.
- As of 2023, India is home to over 80,000 startups, making it the third-largest startup ecosystem in the world.
- The Indian startup ecosystem has attracted $77 billion in investments over the last five years, according to NASSCOM.
Government initiatives like Startup India and Atal Innovation Mission provide the necessary support and infrastructure for budding entrepreneurs.
Digital Revolution
“The Internet is becoming the town square for the global village of tomorrow.” – Bill Gates
The digital revolution has transformed the way businesses operate and interact with consumers. India’s youth, with their affinity for technology, are at the forefront of this transformation.
- India is the second-largest internet market globally, with over 900 million internet users expected by 2025.
- The digital economy is projected to contribute $1 trillion to India’s GDP by 2025, according to the Ministry of Electronics and Information.
Continued investment in digital infrastructure and digital literacy will ensure that the youth can fully leverage these opportunities.
Social Responsibility and Sustainable Development
“We do not inherit the Earth from our ancestors; we borrow it from our children.” – Native American Proverb
Today’s youth are more socially conscious and environmentally aware. They understand the importance of sustainable development and are driving the demand for eco-friendly practices and products.
- A survey by the India Youth Development Index indicated that 70% of young Indians are concerned about climate change and advocate for sustainable practices.
- The renewable energy sector in India has seen significant growth, with a target to achieve 175 GW of renewable energy capacity by 2022, and 450 GW by 2030.
This shift towards sustainability is not just beneficial for the environment but also opens up new economic opportunities in sectors like renewable energy, sustainable agriculture, and green technologies.
Political Engagement and Leadership
“The future of this nation is in the hands of the young.” – A.P.J. Abdul Kalam
The active participation of youth in the political process is essential for shaping a future that aligns with their aspirations. Young leaders bring fresh perspectives and are more attuned to the needs and challenges of their generation.
- In the 2019 general elections, approximately 15 million first-time voters aged 18-19 exercised their right to vote, indicating a growing political engagement among the youth.
- Initiatives like the National Youth Parliament Festival aim to encourage political engagement and leadership among young Indians.
As we stand at the crossroads of India’s economic future, the role of the youth is more critical than ever. The future of India’s economy is in the hands of its young citizens, and the choices they make today will determine the nation’s path tomorrow. By continuing to push boundaries and breaking new ground, they will ensure that India not only meets the challenges of the 21st century but thrives in them. The time is now, and the potential is boundless—India’s youth are not just the future; they are the present, crafting a legacy that will echo for generations to come. As we celebrate our Independence Day, let us commit to empowering our youth, for they are the architects of a new and prosperous India.
Credits : Arpita More
(FYBA)
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