“WE NEED TO worry about population explosion.” That message was delivered by PM Narendra Modi from the ramparts of the Red Fort on India’s 73rd Independence Day. He added that the rising population poses various challenges for the country and future generations. Now, the UNPF State of World Population 2023 report has released figures showing India overtaking China to become the world’s most populated country with 1.43 billion people by mid-2023.
“A growing population of this size means additional job creation, creating infrastructure and providing healthcare, education, and social security,” says Arun Singh, Global Chief Economist of Dun & Bradstreet. In that sense, India’s growing population is certainly a challenge. But mitigating its effect is possible only if the country’s GDP grows robustly on a sustained basis and, consequently, the per capita income.
Per an EY India report, the Indian economy is expected to grow to $26 trillion by 2047, and per capita income is expected to increase sixfold to $15,000 (₹12.30 lakh) per annum. What this means is that the numerator (GDP) has to grow at a sustained pace while the denominator (population growth) moderates. This will help the nation manage its resources optimally.
This story is from the May 28, 2023 edition of Business Today India.
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This story is from the May 28, 2023 edition of Business Today India.
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