India, with its young and dynamic workforce, is poised to become the next global superpower. India’s population by mid 2023 is estimated to reach 1.4286 billion, against 1.4257 billion for China, making it the most populous country in the world. This means that India has a golden opportunity and the required potential to harness its demographic dividend and become a global leader and superpower by 2030. With a large domestic market, the country certainly has what it takes to drive global demand and become a hub for manufacturing and services. The government’s focus on infrastructure development, such as building new airports and highways, is further boosting the country’s economic growth and attracting foreign investment.
Here are a few sectors and initiatives that are propelling India towards becoming the next global leader:
1) Information Technology (IT)
India’s young workforce is one of its biggest assets. With over 50% of the population under the age of 25, the country has a large pool of talent that is tech-savvy, highly educated, ambitious and motivated. This young and dynamic workforce is well equipped to take on the challenges of the future and is already making its presence felt in the global IT and services industries. Due to India’s technological prowess gaining substantial momentum in recent years, the country’s IT industry has been growing at a rapid pace, and is now one of the largest in the world. With the rise of disruptive technologies such as artificial intelligence, blockchain, and the Internet of Things, India is well positioned to become a leader in these fields. The country’s tech startups are already making waves globally, and with the government’s support, they are poised to take on bigger challenges and make an even bigger impact in the coming years.
2) Make in India
The Indian government has been taking several initiatives in the last decade to boost the country’s economic growth. The “Make in India” campaign, launched in 2014, aims to promote manufacturing and attract foreign investment. This has led to an increase in the number of businesses setting up operations in India and has also created job opportunities for the country’s young population.
3) Skill India
The Indian government has also been investing heavily in education and skills development. The “Skill India” campaign was launched in 2015 with an aim to train over 400 million people by 2022, providing them with the skills necessary to participate in the global workforce. This initiative has not only helped in creating a more skilled workforce and reduced unemployment every year since FY’18, but has also led to the growth of entrepreneurship and innovation in the country.
4) Strategic Location and Partnerships
India’s growing population is also a key factor in its rise as a global superpower. India’s strategic location also makes it an important player in the global economy. With its proximity to key markets in Asia and the Middle East, the country is well placed to take advantage of the growing demand in these regions. This, coupled with the country’s strong ties with the US and Europe, makes it an important player in the global trade network.
5) Cultural Heritage and Diversity
India’s rich cultural heritage and diversity has enabled the country to develop a unique identity that is attractive to investors and tourists alike. With its vibrant cities, historical monuments, and stunning natural landscapes, India has the potential to become a major tourist destination. The country’s tourism industry has been growing steadily in recent years, and with the government’s focus on promoting tourism, it is expected to grow even further in the future.
6) Growing Middle Class
One of the most significant factors driving India’s rise as a global superpower is its growing middle class. As more and more people move up the economic ladder, they are becoming increasingly important consumers. This is driving demand for a wide range of goods and services, from consumer electronics and automobiles to healthcare and financial services. As India’s middle class continues to grow, it will become an even more important driver of economic growth and demand.
7) Demographic Dividend
India’s demographic dividend is also fueling the growth of its startup ecosystem. With a large pool of young, talented, and motivated entrepreneurs, India has become a hub for innovation and entrepreneurship. The government’s Startup India initiative has been instrumental in creating a supportive ecosystem for startups, providing funding, mentoring, and other resources to help entrepreneurs succeed. India’s startups are already making waves globally, and with the government’s continued support, they are poised to make an even bigger impact in the future.
8) Renewable Energy
Another area where India is making progress is in renewable energy. The country has set an ambitious target of generating 175 GW of renewable energy by 2022, including 100 GW of solar energy. This has led to a surge in demand for renewable energy technology, driving innovation and creating job opportunities. As the world moves towards a greener economy, India’s expertise in renewable energy will become even more important.
9) The Power of Youth
India’s young and growing population also gives it an advantage in the field of sports. The country has a rich sporting heritage, and with the rise of a new generation of athletes, it is poised to become a major player in the global sports arena. India’s successes in cricket, badminton, and other sports have already captured the world’s attention, and with the government’s support, Indian athletes are poised to achieve even greater heights.
Bottom Line
India’s young workforce and growing population are key factors driving its rise as a global superpower. With the government’s focus on promoting manufacturing, innovation, and skills development, the country is well positioned to become a leader in the global economy. India’s technological prowess, cultural diversity, and strategic location make it an attractive destination for investors and tourists alike. The country’s middle class, startup ecosystem, renewable energy industry, and sports talent are all areas of strength that will contribute to India’s growth and success in the future.
