New Delhi: A report released by Confederation of Indian Industry (CII) on Sunday highlights that if the country does not produce enough jobs and required workforce, the demographic dividend of India will become liability.
The statement comes as it is known that India is expected to add another 183 million people to the working age group of 15-64 years between 2020-50.
The CII report warns that there is an acute shortage of time. The report also states that India’s working age population is necessary but not sufficient for it to sustain the economic growth.
The report said, “If India does not create enough jobs and its workers are not adequately prepared for those jobs, its demographic dividend may turn into a liability. And education and skill development will be the biggest enablers for reaping this dividend.”
The report cites that India will be adding another 3 million people to the working age group of 15-64 years between 2020-50 as per the UN Population Statistics database. Thus, a whopping 22 per cent of the incremental global workforce over the next three decades will come from India.
Chandrajit Banerjee, Director General, CII highlighted that India’s Demographic Dividend gives India a potential to become a global hub and a large consumer of goods and services.
“Although investment, reforms and infrastructure are likely drivers of India’s economic growth, no growth driver is as certain as the availability of people in India’s working age group. India’s young population, its demographic dividend, gives India the potential to become a global production hub as well as a large consumer of goods and services,” he said.
The report cautions that India does not have much time to utilize this dividend.
“While we are likely to add 101 million people in the working age population between 2020-30, this number will reduce to 61 million and then to 21 million for 2030-40 and 2040-50, respectively. It is expected that India’s working age population will start declining in the decade post 2050,” it said.
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