by Olukayode Adedayo, Founder Planetbridgelimited.com
India is a nation with a rich history, vibrant culture, and a diverse population. With a population of over 1.3 billion, India is the world’s second most populous country, and it is projected to surpass China as the most populous nation by 2027. In recent years, India has emerged as a global economic powerhouse, and many experts predict that India is poised to win the 21st century.
One of the main reasons why India is likely to win the 21st century is its demographic advantage. Unlike many developed nations, India has a young population, with over 60% of its population under the age of 35. This youthful population is expected to drive India’s economic growth and development in the coming years, as they enter the workforce, start businesses, and contribute to the country’s innovation and creativity.
Another reason why India is likely to win the 21st century is its strong economic growth. India is the world’s sixth-largest economy, with a GDP of over $2.8 trillion. In recent years, India’s economy has grown at an impressive rate, averaging around 7% per year. This growth has been driven by a range of factors, including a thriving IT sector, a booming middle class, and a growing consumer market.
Moreover, India has been making significant investments in infrastructure, such as roads, bridges, and airports, which will further fuel its economic growth. For instance, the government has launched ambitious projects such as “Smart Cities Mission,” “Atal Mission for Rejuvenation and Urban Transformation,” and “Pradhan Mantri Awas Yojana” to ensure sustainable and inclusive growth of urban areas.
India is also becoming a hub for innovation and entrepreneurship, with a growing startup ecosystem. In recent years, Indian startups have attracted significant investments from venture capitalists, and many of them have become unicorns (startups valued at over $1 billion). The government has also launched initiatives such as “Startup India” and “Make in India,” which are aimed at promoting entrepreneurship and innovation.
In addition, India has a rich cultural heritage, which has been recognized globally. India is known for its music, dance, literature, and art, and it has produced some of the world’s greatest thinkers, philosophers, and leaders. India’s soft power has been on full display in recent years, with events such as the “Namaste Trump” event in 2020, which showcased India’s cultural diversity and hospitality.
In conclusion, India is well-positioned to win the 21st century, thanks to its demographic advantage, strong economic growth, investment in infrastructure, thriving startup ecosystem, and rich cultural heritage. While there are challenges that India will need to address, such as inequality, climate change, and geopolitical tensions, there is no doubt that India’s future is bright. As the world watches, India has the potential to become a global superpower and a shining example of economic and social progress
First Article written by Olukayode Adedayo, Founder www.planetbridgelimited.com
Additional Information Culled from Business Today below
Road to India@100: The 21st century will belong to India.India will overcome its challenges this century and will emerge as a global economic powerhouse
In December, for the first time, India assumed presidency of the G20—a grouping of wealthy, fast-growing economies that accounts for four-fifths of the world’s gross domestic product. As president, India will host 200 events across the country—an opportunity to showcase the nation’s progress in digital adoption, empowerment of women, and efforts to bring millions of low-income earners into the formal economy. To be in this position is a source of great pride for India. And I believe it is just the beginning. There is more to come. Much more. This is India’s century.
G20 colleagues visiting India in the coming months will see an economic superpower in the making. In fact, many believe India is set to become the world’s second-largest economy by 2050, three years after its centenary.
The centenary, in 2047, is the target year Prime Minister Narendra Modi identified for India to graduate to developed economy status. Many segments of the economy are already developed, indeed are world class. The most obvious among them being technology and pharma. However, large swathes of the economy remain emerging or even undeveloped, making the goal of parity across all parts of the economy and its billion-plus people, a noble ambition for PM Modi.
And for me, therein lies the noblest aspect of India’s ascent: not just the opportunity to grow, but to grow in a way that is inclusive and equitable.
India has already seen measurable progress in creating a more inclusive economy through the adoption of technology for everyday tasks such as banking. Several hundred million people now receive welfare payments directly into bank accounts they never had before. And they have security and transparency in their transactions, another first.
India has also seen young entrepreneurs from small towns create enterprises that are valued at more than a billion dollars (called unicorns). And those entrepreneurs, in turn, are creating wealth for thousands of their employees and small investors.
What is remarkable about these two examples (of which there are many more—and equally impressive) is that they have blossomed from home-grown ideas. Indians are remaking India. This is an interesting contrast to the mass wealth created by the US in the last two centuries which has been a triumph of immigrant enterprise.
Looking towards the century ahead, enterprise and technology—now comfortably nestled in an enabling environment in India—promise yet another frontier for India to conquer: climate change.
Although it ended with mixed results, the recently concluded COP27 made clear that technology will be critical to climate mitigation and adaptation. As such, accelerating technological innovation should be prioritised. India, with its deep and tested pool of engineering talent, is a fit partner for global capital investors looking for quick-to-market ideas and solutions. Of course, India is itself a significant emitter of greenhouse gases, but that should serve to hasten its innovation of climate technologies.
In my view, India’s engineers are qualified to do for climate technology what their predecessors did two decades ago for back-office business operations the world over. That somewhat accidental revolution changed business processes and raised the bar on business efficiency—and India’s brand emerged. I believe the combination of exceptional engineering and consumer-service sensitivities, along with headline-leading concerns such as climate, could be an opportunity for India to deliver on climate technology.
But technology alone is not sufficient. Nature-based solutions are often overlooked or relegated to the margins of India’s climate strategies. That’s why we have been holistic in our approach. We’ve studied the causes of coastal erosion in Andhra Pradesh; we designed and implemented community-level afforestation efforts in northern India; and we’ve created a multilingual mobile app using satellite imagery and machine learning to help farmers in Haryana reduce noxious stubble burning in towns and cities in the northern hinterland.
Whether action is driven by new technologies, proven ideas, or the confluence of the two, it should happen quickly. According to the UN Intergovernmental Panel on Climate Change, India is currently among the “most vulnerable” to the impact of global warming. Wildfires, droughts, floods, and extreme weather events have devastated communities across India this year. And, as I touched on earlier, India is the world’s third-largest carbon emitter and second-largest coal user. Every fifth person in the world lives in India and, as they grow, so too will their consumption of fuels and materials. The challenge is grave… and urgent.
That said, a future upended by climate change that compromises growth is not pre-ordained. For the private sector in India, this is the moment to step up and engage policymakers and civil society in developing much-needed solutions. The road to 100 won’t be easy. But it represents a critical opportunity for India to build a stronger nation and healthier planet for generations to come.
The Additional Information writer is CEO Emeritus of Deloitte
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