With a staggering 51 percent of Indias population of 1,1 billion people under 25 and two-thirds under 35, experts say Indias “youth bulge,” seen lasting until 2050, could turn out to be its greatest asset – or a demographic disaster if the government fails to provide education and jobs for its burgeoning work force.
India has hit the “tipping point” where the huge number of young workers entering the labour force could unleash major economic gains by boosting savings and investment, experts say.
– India is on the cusp (spids/skel) of a demographic dividend, Nirupam Sen, Indias UN representative, said. By 2020, the average age of an Indian is expected to be 29 years, compared with 37 for China and 48 for Japan.
But lack of education and job opportunities and proper health care could erode or eradicate this rosy scenario, experts warn.
– The biggest challenge is educating and skilling such a large, youthful population. Rural education, healthcare and infrastructure are vital, said Deepak Lalwani, director at London brokerage Astaire and Partners.
– Social cohesion may well be affected if economic gains are not more inclusive and provide jobs and raise living standards, he added.
Meanwhile, the Asian Development Bank (ADB) and World Bank have agreed to provide financial assistance of 1,6 billion US dollar for strengthening the rural cooperative credit structure in India.
Of the total, ADB would give one billion dollars while the rest would be provided by World Bank, Minister of State for Finance Pawan Kumar Bansal said.
Kilde: www.worldbank.org
