India still needs to do a lot to increase per capita income

The gross domestic product of all the countries in the whole world is about 100 trillion US dollars in total. India’s share in this is only 3.50 percent, that is, India’s gross domestic product is about 3.50 lakh crore US dollars. Whereas, more than 17.5 percent of the people of the whole world reside in India. Compared to the population, India’s gross domestic product is very less, which the central government and many state governments are now seen working with full dedication in the task of taking it much further. However, India has come fifth in terms of GDP in the whole world and now only countries like America, China, Japan and Germany are ahead of India. But, due to the large population, the per capita income in India is very low as compared to many other countries. The average income of every Indian is US$ 2,200 per year while the average per capita income in the US is US$ 70,000 per year and the average income of each Chinese citizen is US$ 12,000 per year despite the population of China being more than that of India. In this way, it is now very important to make efforts to increase the average income of every Indian, in which it has become necessary to contribute to the youth power of India.

Today, for any country, the high population and the high participation of young population in it, becomes a very beneficial situation for that particular country. That too when especially in many developed countries like- Japan, Germany, America, Britain, Australia, China, Canada etc. the birth rate has decreased and the population of adult citizens in these countries is increasing rapidly and Lack of young population is being felt. Thus India has come in a very advantageous position from the point of view of young population. Out of the total 140 crore population of India, 50 percent of the population is below 25 years of age and 65 percent of the population is below 35 years of age. Most of the youth, that is, 60 crore Indian citizens fall in the age group of 18-35 years. The average age of every Indian is only 29 years while the average age of citizens of China is 37 years and the average age of citizens of Japan is 48 years. That is why India is being called a young country and the eyes of the whole world are fixed on India today. Now this situation has started to appear that if India makes economic progress, then the whole world will also be seen making economic progress, because in the coming times, the consumption of various products in India will be seen increasing rapidly.

Today the literacy rate in India has reached around 80 percent, which can be said to be a very good rate. However, the level of education is visible in the youth of urban and rural areas. Therefore, due to lack of skills in the youth of India, their contribution to the economic development of India is not being done to a satisfactory level, due to lack of skills, the productivity of this class also appears to be comparatively low. In recent times, many new educational institutions have been established in India to further improve the level of education among the youth of India. For example, 150 new universities (at present 1070 universities are functioning) and 1570 new colleges (at present 43000 colleges are functioning) have been established. Along with this, approval has been given to establish 7 new Indian Institutes of Technology (at present 23 Indian Institutes of Technology are functioning) and 7 new Indian Institutes of Management (at present 20 Indian Institutes of Management are functioning). Similarly, at least one medical college is also being established in each district of the country, currently 650 medical colleges have been established in India. With such efforts, not only is the level of education among the youth of the country increasing, but their skills are also being developed. Now the educated youths of India are reaching many developed countries and providing their services in many private institutions in the field of technology, medicine and management and many private institutions of these countries are being run by Indians in a way.

According to the International Labor Organization (ILO), the unemployment rate in India increased from 4.9 percent in 2018 to 7.5 percent in 2020 due to the Kovid epidemic, although it has again shown considerable improvement. Meanwhile, with the aim of creating new employment opportunities, the Central Government has started several new schemes by taking several measures. A new Ministry of Skill Development and Entrepreneurship has been formed in the country, through which special attention is being paid to skill development among the youth of the country. Pradhan Mantri Mudra Yojana has been started to provide loans under easy rules by banks to the entrepreneurs in the field of micro, small and medium industries to start their business. Similarly, for the purpose of providing financial assistance to women and scheduled caste and scheduled tribe entrepreneurs to start their business, a scheme called Stand-up India has been started.

Efforts are being made to create more and more new employment opportunities for women and unskilled laborers in India so that citizens of this class also continue to contribute in the development of the country. Secondly, by activating this class of citizens, the availability of labor for the industry will increase, poverty will decline, women will get employment and their productivity will also work in the interest of the country, (at present, the population of women in the country is 50 percent). Whose contribution in the development of the country is not being done at a high level) and India will become internationally competitive in terms of labour. Efforts are also being made to develop the skills of lower and middle level workers and take them to the next level, so that new unskilled workers can be recruited at the lower level.

The per capita income in India is planned to almost triple by the year 2047 during the Amrit Kaal. The average per capita income is to be taken up to Rs 445,000 per annum. For this, a plan is also being made to end the difference in average income between the citizens living in the village and the city. Labor in India is very cheap, so by making cheap and skilled labor its strength, India is trying to become a force at the international level in the field of manufacturing. Along with this, efforts are being made to make Indian skilled labor available to different countries as well. In India, following the Indian Sanatan culture, the spirit of service is developed in small children from childhood itself and the feeling of “Vasudhaiva Kutumbakam” is awakened. Due to this spirit of service especially found in Indian women, today Indian nurses are in great demand in many Gulf countries and countries like Japan etc. in hospitals there.

The Central Government and many State Governments have started many special schemes in this context, today the need is that the youth of the country should come forward and take advantage of these schemes and develop their skills and increase their contribution in the development of the country. India can be brought into the category of developed nation. Also, today there are very good employment opportunities available for highly educated and skilled Indian youth in other countries as well. Due to the policies of the Central Government, many developed countries such as Australia, Britain, Japan, Canada, America, Germany, Gulf countries, etc., today trusting the citizens of Indian origin, they are trying to move them forward in the political, social and economic fields. Looks like trying.

– Prahlad Sabnani

retired deputy general manager

state Bank of India