India is targeted to become the third global economy behind the USA and China in the next 3 to 5 years. India could easily become the second economy within ten years.
INDIA IS THE YOUNGEST IN THE WORLD
50% of India’s 1.5 billion is under age 25. 65% are under 35. Compare this with shortage of babies in China, USA, and Western Europe.
India graduates 1.5 million engineers yearly against 200,000 in the USA. Currently, many educated Indians are underemployed and unemployed. Most enterprising and well to do Indians go abroad.
India also graduates a large number of management professionals. I cannot believe the present Dean of Harvard School of Business has degree from the Indian Institute of Management, Ahmedabad and no foreign degree. What does this tell you?
Technological revolution has been creating many opportunities for educated and qualified professionals to seek opportunities. As most of the work is done or processed thru computers there is no requirement that professionals attend office or should be in a particular location. This is going to create huge opportunities for the educated unemployed in India. Why do you think Google, Microsoft, Amazon and Matta have decided to invest $100 billion dollars combined for AI storage in India?
I anticipate India will become the world’s headquarters for delivering products, processes and services based on high technology.
IMPACT OF 40 MILLION INDIAN DIASPORA ON INDIAN ECONOMY
India has been leading in foreign remittances. This is helping India’s foreign exchange position. I expect more and more Indians will be immigrating to Australia, New Zealand, Canada, Ireland, Germany, U.K., U.S.A., Russia, China, Japan, Middle Eastern Arab countries, and others.
Guyana has a sizeable Indian population. After it struck oil, it has started attracting foreign manpower. Guyana is a great opportunity for Indians to invest and settle down. Guyana pretty soon will be a rich country because of oil.
Indians should be learning foreign languages such as Chinese, Japanese, Spanish, Korean, Russian, German, French so that it will be easier for them to seek immigration.
FRIENDLY RELATIONS WITH INDIA’S NEIGHBORS
It is important India creates most friendly relations with all its neighbors: Nepal, Bangladesh, Sri Lanka and Maldives.
As we embark on the 77th Republic Day of India I am most optimistic about India’s future. I am convinced developed populations are a great asset.
Ven Parameswaran, a former Indian diplomat and CEO, First Asian Securities Corporation, NYC came to the USA in 1954 on Mrs.Vijayalakshmi Pandit Scholarship. He is a graduate of Columbia U Business School.
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