Page 47 - Nuvama | IC Report 2023
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INDIA: THE 5D ADVANTAGE
INDIA: THE 5D AD V ANT A GE
➦ Population is a virtue – not a vice – given human beings’ ingenuity
regarding innovation and technological advancements
➦ A favourable demography does not per se portend a great
destiny, but is an economic force to reckon with once combined
with reforms and good governance
➦ In an increasingly labour-scarce world, India is becoming the
world’s workforce powerhouse; this opens up a long runway
for India’s growth
➦ A virtuous cycle of expanding labour force and rising savings as
well as investment rates was instrumental in catapulting Asian
economies into high-growth orbits
➦ India too could ascend to a higher growth orbit given an expanding
young workforce and rising incomes—often associated with big
macro trends such as accelerated pace of urbanisation and
premiumisation of consumption
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