India Can be the Next Economic Superpower

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India will soon take over China as the economic superpower keeping in mind its young population while compared to China.

An economist at Deloitte India, Anis Chakravarty said, “India will account for more than half of the increase in Asia’s workforce in the coming decade, but this isn’t just a story of more workers: these new workers will be much better trained and educated than the existing Indian workforce.”

He further added, “There will be (a) rising economic potential coming alongside that, thanks to an increased share of women in the workforce, as well as an increased ability and interest in working for longer. The consequences for businesses are huge.’’

Deloitte also reported that India is not the only country that will experience an economic change but Indonesia and Philippines are on the same path. The economic rise of India is not certain if in case the frameworks are not in place to promote the required growth India’s young population would be faced with– unemployment without the economic rise that is possible.

Deloitte listed the countries that face challenges with the impact of aging on the economic growth. China, Taiwan, Singapore, New Zealand, Thailand, Hong Kong and Korea.

Austrailia was also mentioned but as a country in progress, Ian Thatcher the Deputy Partner at Deloitte Asia Pacific was quoted saying, “Rare among rich nations, Australia has a track record of welcoming migrants to our shores. That leaves us less at risk of an aging related slowdown in the decades ahead.”

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