India to be Economic Powerhouse by young workforce

India to be Economic Powerhouse by young workforce

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Today:- Sep – According to a new report by Deloitte, India is to rise as an economic powerhouse, driven in part, by it’s young population. India’s potential workforce will grow from 885 million to 1.08 billion in the next 20 years and hold above that for half a century. The country is projected to drive the third great wave of Asian growth, following the rise of Japan, and then China in the past decades.
“India will account for more than half of the increase in Asia’s work force in the coming decade, but this isn’t just a story of more workers; these new workers will be much better educated and trained than India’s existing work force” said Anis Chakravarty, an economist at Deloitte India. He also predicted ” there will be rising economic potential coming alongside that, thanks to an increased share of women in the workforce, as well as an increased ability and interest in working for longer.”
The report also suggests that China and the Asian Tigers face the biggest challenge from the impact of ageing on economic growth. According to the report, by 2042, there will be more over 65’s in Asia than the people in Eurozone and North America combined.
Teennews1 News Desk

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