India is at a point where every minute and every Indian matters for its future. We have an aspirational population with an average age below 30 years—what we often refer to as a demographic dividend. However, this is only a ‘demographic opportunity’ and we need to understand the urgency behind India’s ‘narrow window of opportunity.’ The next 25 years will be the last opportunity for India to become a developed country.
India never had a long-term plan, 25–50 or 100 years. If we look at the United States, it commissioned a report, ‘Technology and the American Economy,’ and released it more than half a century ago in February 1966, and today, the USA is the world leader in tech. In 1947, China was behind India in terms of GDP. In 1987, the nominal GDP of India and China was similar even in PPP terms. In the 1990s, China was only slightly ahead, and now three decades later, China is 5.46 times ahead (Statistics Times, 2021) - India’s GDP is $3.17 trillion, and China’s GDP is $3.17 trillion, and China’s GDP is $17.73 trillion(Gupta R. P., Tough Choices & Hard Decisions: Rebuilding India the Next 25 Years, 2020). It’s worth looking at China’s investments in education and research and development (R&D), which is directly proportional to the economic growth it has witnessed. We are waking up late.
Earlier, being a lakhpati (having Rs hundred thousand) was considered ‘rich.’ Today, having a lakh rupee is not very significant. About 80 crore people whom we give free ration will be India’s future. They depend on India, but if we handle them well, India will depend on them. The key lies in how we handle these 80-crore people, which will decide the future of this country. These 80 crore will propel India to a sustained double-digit growth.
India @100 should be a land of abundance, opportunity, spirituality, and technology with happy citizens.
Next year we may face another financial crisis that has been building up. The foreign reserve can deplete faster than we can think. Exporters/Industry and the middle class will be hit. Worrying is that we are losing entrepreneurs who are moving out and creating wealth in foreign countries like Singapore, the USA, the U.K., and E.U. Earlier, people migrated because they did not have money or opportunities. Now people with money (HNIs) are leaving for greener pastures. So, India needs to be careful.
Read more at: https://economictimes.indiatimes.com/small-biz/sme-sector/why-india-needs-a-new-economic-model-to-transform-into-a-high-income-country/articleshow/99164429.cms