India's growth story: pitfalls or possibilities?
1.???? Old Civilisation but the massive pool of young population:- Beauty of an old civilization lies in its rich cultural heritage and history. But what's even more fascinating is seeing a new generation of people emerge from it, with their fresh perspectives and innovative ideas. Witnessing the meeting of the old and the new is a unique experience that highlights the potential for progress and growth. This is exactly what we see in a society where the civilization is old, but the population is young. As per data available, India has?more than 50% of its population below the age of 25?and more than 65% below the age of 35. it means too many working hands and a large pool of workers,?
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2.???? The English language is widely spoken, written, and read by approximately 10% of the Indian population with full proficiency, while the majority of urban dwellers possess communicative competence. This is a strategic advantage in the global business market, as English is a widely used commercial language. India has already established itself as a leader in call center services, with the industry expected to reach $55.5 billion by 2029, as per Adroit Market research.
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3.???? India hosts a significant pool of talented individuals, with the country accounting for one-fourth of the 7.5 million bachelor's degrees in science and engineering awarded worldwide in 2014. Additionally, the country has over 13 million registered allopathic doctors, produces over 50,000 MBBS doctors per year, and ranks fourth globally in producing doctoral graduates.
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4.???? Furthermore, India is a stable democracy with well-established democratic institutions like the judiciary, CAG, and a free press that allows for full freedom of expression and speech.
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Notwithstanding, these statistics do not automatically translate into India becoming a world leader or achieving economic prosperity. Some potential challenges and pitfalls need to be addressed. We will delve into these in the next post or article.