Page 50 - Nuvama | IC Report 2023

• DE-GLOBALISATION • DEREGULATION • DEBT • DEMOGRAPHY • DEMOCRACY

India a land of opportunity
In such a scenario, the demand for more workers puts India in a sweet spot given its large young
population with majority of them falling in the working-age group, i.e. 15–64 years. Besides, the share
of old-age population is low and expected to keep declining over the coming decade.
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Exhibit 2:
India to supply
~20% of world’s
workforce by 2030 18

17
(%)
16

15

14

13
1950 1960 1970 1980 1990 2000 2010 2020 2030
India’s share in world working age population
Source: UN, Nuvama Research
Note: People of ages 15 to 64 are considered as working age population
Exhibit 3:
India’s workforce
to rise fastest India 17
among major Malaysia 17
economies
Mexico 12
United States 3
Brazil 3
United Kingdom 1
China -5
Russia -9
Germany -13
Thailand -14
Taiwan -17
South Korea -24
-25 -20 -15 -10 -5 0 5 10 15 20
Change in working age population from 2020 - 2040 (%)
Source: UN, Nuvama Research
Young India By virtue of this, India is set to get a once-in-a-century “demographic advantage” over coming one–
can be the two decades. Among major economies, India’s working age population is set to rise at its fastest pace
largest supplier anywhere in the world over the next 20 years. During this period, India can be the largest supplier
of workers in of workers for the world given the rapid ageing and slowing of working-age population across major
the world economies such as China, the US, the EU, South Korea and Taiwan.

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