Vadodara, Sep 27: J P Morgan India Chief Executive Officer Kalpana Morparia has said India, one of the fastest-growing major economies, is on the verge of reaping a significant demographic dividend. “India is amongst the youngest nations in the world and even in 15 years (in 2025), half of India's population will be below the age of 30, and there are encouraging signs of skill upgrading in India,” she said here on Monday.
The top banker was speaking on the topic ‘Global economy-uncertain times' organised by Federation of Gujarat Industries (FGI) at their 92nd Annual General Body meeting. Despite a large domestic market, India is more open than you think. A vast majority of manufacturing output is now exported and Indian exports are quickly moving up the value chain, Morparia maintained.
“Engineering export grew 84 per cent in FY11. Growth of engineering products and chemicals significantly outstripped growth of India's traditional exports in FY11.” According to her, export growth suggests increasing factory productivity and geographical diversity. She welcomed the move to formulate a new land acquisition law, saying it will encourage investments.
Morparia said India is on course to becoming the third largest market in the world by 2050.About global economy that is currently in turmoil, she said there are several pockets, particularly in the developed world, which are facing huge challenges. These challenges appear once in a generation or maybe once in 100 years.
Despite the developed world facing huge challenges,emerging markets are on steady growth path. India is stillseeing a lot of growth, she added. PTI
