Demographic Dividend in India :
More than 50% of India’s population is in the age group of 15-59 years. With such a young population, India has a huge demographic dividend waiting to be capitalized. This demographic dividend implies that India has a higher proportion of working age population vis-à-vis it’s entire population as compared to other large developing and developed countries. This places India at a huge strategic advantage against other developed nations and a huge window of opportunity for fuelling the economic growth. The U.S. Census Bureau predicts that India will surpass China as the world’s largest country by 2025, with a large proportion of those in the working age category.
It is further estimated that the average age in India by the year 2020 will be 29 years as against 40 years in the USA, 46 years in Europe and 47 years in Japan. In fact, in 20 years the labour force in the industrialised world will decline by 4%, in China by 5%, while in India it will increase by 32%
Advantages of demographic dividend :
2. Increase in savings as the number of dependents decreases individuals can save more. This increase in national savings rates
3. Human capital: Decrease in fertility rates result in healthier women and fewer economic pressures at home. This also allows parents to invest more resources per child, leading to better health and educational outcomes.
4. Growth : It is the increasing domestic demand brought about by the increasing GDP per capita and the decreasing dependency ratio.
Demographic Dividend and Skill Development in India :
❖ The Ministry of Skill Development & Entrepreneurship and Ministry of Labour & Employment (MoLE) is running various schemes and has set up Industrial Training Institutions across the country. ITIs/ATIs/RVTIs and selected NSDC training partners for the industry are responsible institutions to achieve the Government’s target of skilling / up-skilling 500 million people in India by 2022, mainly by fostering private sector initiatives in skill development programmes and providing funding.
❖ On 9th February, a unique reality show catering to skill development was launched on Doordarshan in partnership with MoLE, NSDC,FICCI and NIF.
❖ Prime Minister Narendra Modi on July 15 launched the National Skill Development Mission.
Extreme actions are needed to take care of the future basic minimum living standards including food, water and energy. Therefore, in order to reap the benefits of a demographic dividend, countries must recognise and cultivate the potential of young people and close the gap between the demands placed on young people and the opportunities provided to them.
Team Admirable India wish that the dream of “Make in India” come true in coming years.
Post by: Sahdevsinh Gohil