About 10 years ago, India was seen as one of the ‘Fragile Five’ economies, with shaky macroeconomic fundamentals. Confidence in the economy was plummeting, and inflation spiralling. Even though the economy had been liberalised in the ’90s, a web of regulations still existed, making India one of the toughest places to do business in. Over the past decade, we have seen all this change. India is now a ‘bright spot’ in the global economy, recording 8.2 per cent growth in FY24.
However, to become an economic superpower, we must sustain this growth rate for the coming decades. Only then will our per capita incomes increase from $2,100 to $18,000+ in three decades’ time, making us a high-income country. If we do not sustain these rates, we risk being stuck in a middle-income trap. Investment rates will need to rise, along with domestic savings. Being a function of income, domestic income and savings will only rise with broad-based employment growth.
Improving social outcomes to harness demographic dividend: India, with its demographic dividend and burgeoning workforce with an average age of 29 years, is home to one of the world’s youngest workforce. However, we must improve our social outcomes to realise this dividend. Improving learning outcomes, especially at foundational levels, is critical. Improving employability of graduates from technical and vocational education is another crucial step. Aligning curricula with industry needs, along with well-designed internship and apprenticeship programmes, can help improve employability. Building on Ayushman Bharat, we must now target the ‘missing middle’ in India’s health insurance. Primary healthcare must be strengthened to improve health outcomes. All these efforts, in turn, will hinge critically on nutrition.
Diese Geschichte stammt aus der August 26, 2024-Ausgabe von India Today.
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Diese Geschichte stammt aus der August 26, 2024-Ausgabe von India Today.
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A Life IN MUSIC
To celebrate five decades of a storied musical career, Padma Shri Hariharan is headlining a special concert in Delhi on November 30
MURDERS MOST FOUL
SAMYUKTA BHOWMICK'S DEBUT NOVEL, A FATAL DISTRACTION, IS A WHODUNIT THAT GOES BEYOND MERELY PAYING TRIBUTE TO THE MASTERS OF THE GENRE
Jungle Book
Avtar Singh creates a compelling tableau of characters brought together and torn asunder by migration, epidemic and circumstance
BON VOYAGE
The award-winning stage adaptation of Yann Martel's Life of Pi is coming to Mumbai this December
Earning His ACTING CHOPS
HIS LATEST STINT IN THE BUCKINGHAM MURDERS, WHICH JUST RELEASED ON NETFLIX, CEMENTS THE MULTI-HYPHENATE RANVEER BRAR'S REPUTATION AS A FINE ACTOR
Strike a Pose
SOONI TARAPOREVALA'S SERIES DEBUT WAACK GIRLS ON PRIME VIDEO SHINES A LIGHT ON THE STREET DANCE STYLE OF WAACKING
FATAL ATTRACTION
In I Want to Talk, Shoojit Sircar continues his exploration of death with the portrait of a tenacious man who beats it time and again
LOVE LETTER TO THE MOUNTAINS
'Journeying Across the Himalayas' is a new multidisciplinary festival in Delhi with a focus on the Himalayan region and its communities
The Art of CURATION
Sunil Kant Munjal, founder patron of the Serendipity Arts Foundation, on how one of our biggest multi-disciplinary festivals came about and what to look forward to in this edition
THE ROCKY ROAD AHEAD
A US court's allegations of bribery in solar power contracts and US markets watchdog SEC's charges of concealing wrongdoings have jolted Gautam Adani's business empire. Even as he mounts a strong defence against the indictment, the group faces a crisis of investor confidence that may impact its growth plans