INDIA has overtaken China as the world’s most populous nation, according to United Nations data. The population of India is currently 142.86 crore, while China’s population is 142.57 crore. The statistics also show that 25 percent of India’s population is between 0-14 years of age, while 68 percent of the population is between 15-64 years old. The 10-24 age group comprises 26 percent of the population, indicating a relatively young population in India. Experts note that Kerala and Punjab have an ageing population, while Uttar Pradesh and Bihar have a younger population.
Several studies predict that India’s population will increase for nearly three decades before it peaks at 1.65 billion, after which it will start to decline. The United Nations Population Fund (UNFPA) has highlighted that India’s large youth cohort, which comprises 254 million people aged 15-24, presents an opportunity for innovation and lasting solutions. However, the UNFPA has also emphasized the importance of ensuring equal educational and skill-building opportunities for women and girls, as well as access to technology and digital innovations.
An educated and skilled young population can be a boon for the country. It can productively contribute to the new economy, which needs technologically skilled workers. And India would need more of them as the global corporations move to make the country their base. Already, Apple has launched its first retail store in India, located in Mumbai, and will open another store in Delhi shortly. Until now, Apple products have only been available in India through a vast network of resellers or online. The move comes as Apple tries to deepen its retail push in India, which is the world’s second-largest smartphone market. This is a big development at a time when global supply chain disruption triggered by the Ukraine war and the west’s developing antagonism towards China is forcing countries to shift their bases toward more stable markets. To top it all, India also offers a lucrative market as it boasts a burgeoning middle class which has money to spend.
India’s demographic profile, therefore, presents a competitive advantage in terms of workforce, with a relatively young population. As India’s working-age population continues to grow, it will reach its highest level at 68.9 percent of the total population by 2030. This demographic shift not only provides India with an opportunity to unleash the consumption power of a young population but also presents challenges, such as the need for job creation and the provision of education and skills training. Overall, India’s population and demographic profile present both opportunities and challenges, and policymakers need to address these issues to ensure both peace and prosperity in the country.
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