India is gradually moving up the ladder in the world’s coveted list of the largest economies. We have become the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). We are making significant strides forward economically and are poised to become an economic superpower by 2020. But Is this economic growth really targeted to bridge the gap between the rich and the poor section or will it just benefit the already benefitted?
The real engine for balanced growth lies in education and integration of one and all in the economy. The current trends in the labour market are undergoing a huge transformation. Automation is displacing unskilled workers, and non-routine jobs are having a similar impact on the expansion of the IT industry.
The good news is that we are one amongst the youngest nations of the world. According to demographics, 50% of India’s pollution is under 25 years of age. While the rest of the world is ageing, we have the power to be a youthful, dynamic and productive working population that can transform the world. Investing in education, vocational and skill training can be hugely benefitting, leading to an integrated economy.
Besides education, providing clinics and classrooms, medics and medicines, can help in bridging the gap in life chances and give people the tools to challenge the rules that perpetuate economic inequality. Free public healthcare and education are not just human rights; they also tranquillize the adverse impacts of the skewed income and wealth distribution in our society.
It is believed that in future, the better-educated workers will come almost exclusively from developing countries, replacing ageing workers from high-income countries in the global pool. This education wave will alter the dynamics of global inequality, both within and between countries.
There is no doubt that the challenges are enormous, but having said that, there is no doubt that here in our country we have the numbers and we have begun turning the wheel. I am sure with consistent continued efforts towards an economically integrated society, this common goal is just over the horizon and we can easily announce to the rest of the world that “We have arrived!”
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