Harnessing demographic dividend amid geopolitical tensions key challenge for policymakers: PM’s top aide
To become a developed country by 2047, India needs to go beyond achieving the desired level of per capita income.
Highlights:
- Harnessing demographic dividend, geopolitical tensions, declining globalization and rising economic nationalism, impact of emerging technologies like artificial intelligence and climate change are some of the challenges that need to be addressed both through policy and action.
- To become a developed country by 2047, India needs to go beyond achieving the desired level of per capita income to achieve a more inclusive and innovative economy, with women leading the development story
- With development of technologies that are to a large extent, labour saving, there is a need to look at employment potential of economic growth. It is important in order to maximise India’s demographic dividend.
- It is essential to ensure employment of the largest possible section of the population, especially the youth
- Making a reference to the Washington consensus concept by John Williamson that was widely followed as a set of economic policy recommendations for developing countries for two decades
- Many people argue that globalization, as we know it, will have to be replaced by a new understanding that rebalances national needs and needs of a healthy global economy that facilitate global trade and long-term foreign investment.
- Possibly the new globalization model will be less intrusive, acknowledging the needs of all countries, not just major powers.
- So some of the recommendations and policy approaches based on globalization, probably have to be revisited
Prelims Takeaway
- Demographic dividend