India Poised to Becoming Growth Engine, replacing China

Published Date : Dec 27, 2017

According to a Deloitte LLP survey, India is well set to emerge as a financial superpower, propelled in part by its younger generation while the Asia Tigers and China age rapidly.

The overall number of people aging 65 years and above in Asia is expected to reach 365 million to over half a billion by the year 2027. This will account for nearly 60 percent of people in that age group across the globe. In the report published by Deloitte, it predicts India to be acting exactly in contrast with the other Asian countries. The third great wave of growth in Asia is projected to be driven by India, following Japan and China, with a possible workforce estimated to grow from 885 million to 1.08 billion people in the coming 20 years and hold that for over five coming decades.

Anis Chakravarti, who works as an economist at Deloitte India, expressed his views about this potential growth shown by the country. He expects India to account for more than half of the rise in the workforce in Asia in the coming ten years. But this will not be a story of having a larger workforce, these new workmen will be better educated and trained that the current Indian workforce. He further adds that there will be a great financial potential coming along with the growing workforce owing to the growth of women in the overall workforce along with an increased interest and ability to work for long periods of time. This is expected to create a significant impact on the overall business and economic growth of the country.