India's Youth: Harnessing the Power of the World's Largest Youth Population for Economic Growth
The year 2023 saw a pivotal shift as India's population surpassed China's, making India the most populous nation in the world. A significant factor contributing to this change is the vast youth demographic, with over 40% of India's residents being under 25 years old—over 600 million people, which is nearly double the population of the USA. The surge in India's population growth presents a unique opportunity for the nation to become a driving force in the world economy.
The key to unlocking this potential lies in education, a factor intrinsically linked to India’s economy. With the right investments in education and skills development, the country can leverage its demographic boom into an economic advantage.
Harnessing the Power of India's Youth
The estimated median age in India today (2023) is 28, which is nearly a decade younger than China’s. This statistic presents a promising picture of India's economy for the coming years. Notably, the working-age population in India stood at more than 900 million in 2021 and is expected to reach 1 billion over the next decade, as per the Organization for Economic Cooperation and Development (OECD).
Working Age Population Graphic
This youthful, significant, largely English-speaking, digitally literate, and entrepreneurial demographic makes India an attractive prospect for Western businesses seeking an alternative to China as a manufacturing hub in addition to the country’s IT prowess. The country's contribution to the global working-age population growth is significant, accounting for 23% of the growth between 2020 and 2025.
Education: A Vital Correlation to Economic Growth
However, how does India plan to leverage its teeming young population for sustained economic growth? This is where education comes in. The Indian Prime Minister Narendra Modi encapsulated this thought when he said, "In 21st-century India, the ability to fulfill dreams starts with a person, starts with a family. If the population is not educated, not healthy, then neither the home nor the country can be happy.”
Underlying this sentiment is the importance of a college education and drawing attention to the need for more high-value jobs within the Indian economy. As Poonam Muttreja—the executive director of the Population Foundation of India—observed, "We need people who have the skills to fill some of the high-value jobs and an economy that produces these high-value jobs."
Tiyara Scholars at work in their college library
Education—and more specifically, higher education institutions in India—play a crucial role in filling this gap and is vital for India's progress towards becoming a developed country.
The Challenge: Addressing Poverty and Inequality
Despite its population advantage, India's wealth distribution remains unequal. Poverty remains a stark reality for millions, often inhibiting access to quality education and hence limiting economic growth.
Understanding how poverty limits education is a critical step toward devising strategies and policies that ensure that the fruits of economic growth are shared more equitably.
Moreover, Muttreja stressed the need to strengthen the secondary school system, particularly for girls, stating, “We need to make it safer and closer to where the girls are, because many parents do not send their daughters to secondary schools, which are far away, because of security issues.”
Empowered by Tiyara Scholarships
Looking Forward
As India's population continues to grow, the country stands at a critical juncture. The youth, representing the future of the nation, has the potential to drive the economy to new heights. Harnessing this power involves not just equipping them with the right skills and education but also ensuring that the opportunities for growth are accessible to all, irrespective of their economic status.
By investing in education and addressing social issues like poverty and gender inequality, India can capitalize on its demographic advantage and trigger an economic transformation. This requires fostering an environment where access to quality education is universal, leading to a well-educated, skilled workforce ready to take on the high-value jobs that India’s economy can offer.
At Tiyara, we seek to provide higher education scholarships that will make life-changing differences for under-resourced young women and men. Scholarships are also extended to young women and men who belong to indigenous populations living in remote areas, or who have had their lives changed by discrimination because of crimes committed by a family member, and others who face discrimination because of their caste.
You can help promote growth and opportunity by providing technology for our students, other education-related costs, or by putting a deserving young person through college, and simultaneously strengthening India’s economy!
