India emerging as global mfg hub: Report
Global financial services firm projects significant growth until 2060 due to young, expanding labour force
image for illustrative purpose
Demographic Dividend
- 80% population under 50 yrs
- Rising middle class experiencing real wage growth
- PM Modi’s plan to make India a developed country by 2047
- It remains a central goal during his 3rd term
New Delhi: India is on track to become a global manufacturing centre, driven by its rapid economic growth and strategic initiatives, according to a report by the global financial services firm Lazard.
The report, ‘Outlook on Emerging Markets,’ highlights India’s strong demographic advantage, projecting significant growth until 2060 due to its young and expanding labour force.
With nearly 80 per cent of its population under the age of 50 and a rising middle class experiencing real wage growth, India is poised to benefit from a substantial demographic dividend.
The report credits the first two terms of PM Modi’s government with succeeding in “stabilising India’s macroeconomy, integrating millions into the digital economy, and implementing tax and other reforms.”
