India<\/a>, where half the population is under the age of 30, is set to be the world\u2019s fastest-growing major economy in the coming years. To make the most of the demographic dividend, Modi needs to create jobs for the millions of people entering the workforce every year as the nation moves away from farm jobs.<\/p>\nThe United Nations had expected the milestone to be reached later this year. As of Jan. 18, India\u2019s population had already climbed to 1.423 billion, according to WPR.<\/p>\n
Another estimate by research platform Macrotrends puts the latest number for India at 1.428 billion. The country didn\u2019t publish its once-in-a-decade census data in 2021, after deferring population surveys due to pandemic disruptions.<\/p>\n
The government\u2019s move last year to restrict the tenure of soldiers in India\u2019s armed forces to four years illustrated the strain on the administration to create jobs and pay for retirement benefits. Modi, who is due to seek reelection by May 2024, has been pushing to improve the share of manufacturing in the economy to 25% from the current 14%.<\/p>\n
\u201cA broad-based growth agenda to drive jobs across sectors is essentially what is needed,\u201d said Sonal Varma, an economist with Nomura Holdings Inc., noting that infrastructure projects and labor-intensive manufacturing can create those opportunities, in addition to services. \u201cAnd we are seeing the early building blocks of that essentially being put in place.\u201d<\/p>\n
Despite India\u2019s quick economic growth pre-Covid and its fairly strong recovery from the pandemic, about 800 million people still rely on free food rations from the government, the largest program of its kind in the world.<\/p>\n
For now, Asia\u2019s third-largest economy is self-sufficient in food production. It is the second-largest producer of rice, wheat, and sugar. As a market, India, with its growing middle class, is the biggest consumer of sugar, while being the top importer of edible oils. It is the second-largest consumer of gold and steel and the third-biggest buyer of crude oil. It is also home to the world\u2019s third-largest domestic aviation market.<\/p>\n
Although India\u2019s population growth has slowed, WPR expects the number to continue to rise until at least 2050.<\/p>\n
China\u2019s population shrank by 850,000 in 2022 compared to a year ago, according to data released by the National Statistics Bureau. The UN calculates that more than half of the projected increase in the global population between 2022 and 2050 to be concentrated in just eight countries: the Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, the Philippines, and Tanzania.<\/p>\n
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