India’s GDP can grow to $40 trillion if working-age population gets employment: CII report
2 years, 8 months ago

India’s GDP can grow to $40 trillion if working-age population gets employment: CII report

The Hindu  

India’s Gross Domestic Product can grow from the current $3 trillion to $9 trillion by 2030, and $40 trillion by 2047, if the country’s working-age population — which is expected to increase by over 100 million people between 2020-30, is productively employed, according to a report by the Confederation of Indian Industry. ‘Golden period’ “The golden period of 30 years between 2020-50 where our working age population will bulge can be an important horizontal enabler to bolster growth, even as the developed world including China ages,” the report notes. The report adds that over the years, India has experienced rising literacy rates, but level of vocational training/skilling is low, which gets reflected in the high unemployment rate among the educated. “Closing the skill gaps of its qualified workforce will be critical, as India depends more on human capital than its peer countries that have a similar level of economic development,” it said, adding that skilling and reskilling require a coordinated response from the government, industry, academia even as COVID continues to cause structural changes to the workplace.

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