The Steam engine and the Industrial Revolution led the economic growth in the West. These engines required fuel - coal and petroleum. As the industrialized countries exhausted their own sources of supply, they turned increasingly to other sources which resulted in the economic growth of supplying countries, such as the oil producing countries of the Middle East Asia.
This pattern is unfolding again. The growth paradigm of western economies require another kind of fuel - knowledge workers and skilled professionals. In the next two decades developed countries will face a shortfall of skilled professionals and they are looking at developing countries to bridge the shortfall.
India has one of the youngest population in the world today and this will be so till about the year 2050. It is estimated that by the year 2020, India will have about 325 million people in the age group of 20 to 35 years, constituting 25% of its population. In comparison China will have about 308 million people in the same age group, constituting 21% of its population. India will have a surplus manpower of 47 million by year 2020.
Against a global manpower shortage of 39 million, this translates into a huge opportunity for India. In fact India has the capability to create upto 36 million new direct jobs and opportunity to create many more indirect jobs.
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Confederation of Indian Industry
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