Demographic advantage, Indian economy’s sweet spot
‘Skilling is an important aspect of making future generations productive members of society’
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Much has been written about India’s emergence as an economic giant — it is the world’s fastest growing big economy, and is currently the fifth largest. Demographics is a major factor in propelling this rise given that the median age is around 28 years and 63% of the population is of working age. However, the labour force participation rate stood at 55.2% in 2022, according to a recent report released by the International Labour Organization (ILO), which goes on to state that falling labour intensity is likely due to growth being led by the services sector rather than manufacturing. Therefore, while we are certainly not experiencing “jobless growth”, more ste...