India is in a very good position right now and the global geopolitics is in the country’ favour, Infosys co-founder and chairman Nandan Nilekani said on Monday. Speaking to Moneycontrol, Nilekani — who has played a key role in shaping several government initiatives ranging from UPI payment rail to FASTag to GST to ONDC to Account Aggregator — said India is going to have a demographic dividend and will be the only young country in an aging world.
“My fundamental thesis that India is going to have a demographic dividend, that India will be the only young country in an aging world, that China will start aging in 2015-16 is coming true. I think India is in a very, very good position right now," he said in the interview as the country celebrated 75 years of Independence on Monday.
“Because of the demographic dividend, you will have more working age people than either old people or young people. And once you have that, automatically, it will lead to economic growth, provided you create enough jobs for them. So, we have to execute on that. But if we can create enough jobs for them, then we’ll have many, many years and even decades of economic growth, which will then lead to better lifestyles, reduction of poverty, people becoming wealthier, and so on. So, I think there’s a whole economic growth story," Nilekani said.
But this time, we will do it in a very equitable manner, he added. “Because this is not a resource-based growth we’re going to have, it’s not about selling our oil, or coal or whatever is going to come because people, human beings, will get educated, get jobs and earn money, and it will happen at the population scale. So, it’ll be equitable growth for everybody."
Speaking about India’s present and future, taking into account the the economic, social, political changes in the last decade, Nilekani said the global geopolitics is in our favour. “The fundamental thing is that you are looking at a decade or two of economic growth, which is equitable, you’re going to pull out many, many more people from poverty. And so I think it’s good and the global geopolitics is in our favour. I think it’s a great place to be and we just have to execute well, and make sure that we actually meet the aspirations of all the people," the Infosys chief said.
India is also set to play a big role in manufacturing, Nilekani commented. “Covid and geopolitics have made people think of China plus one strategy. So, they’re looking at other alternatives in the supply chain. India happens to be a huge market. I think the PLI scheme is very well designed, infrastructure is improving dramatically, with roads, ports, airports, and so on. So yes, I think manufacturing will improve a lot."
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