MUMBAI: As Indiaâ€™s growth story continues, the 21st century will be Indiaâ€™s and demographically as the world grows older, the country is becoming younger and that will be its strength, RIL chairman and managing director Mukesh Ambani said. â€œIn this decade and coming decades, India is becoming younger as the world becomes older,â€ Ambani said at the International Bar Association (IBA) Business Law Conference on India as an emerging economic giant here.
â€œFundamentally, the world is becoming older and India is becoming younger and that is our strength,â€ Ambani said.
Reeling out statistics, the Reliance Industriesâ€™ chairman said out of Indiaâ€™s one billion people, 44% are less than 19 years of age. â€œIn the next 20 years, we will have more than 400 million under the age of 35 and in a decade from now, only 10% of Indians will be above 60 years of age,â€ he said.
Ambani said there are four trends that would drive the world and India has a competitive advantage in them. â€œThe first driver is demographics,â€ he said. India today represents in demographic terms exactly what the United States was in the 1910-1920s, he said. The second trend is democracy and its pluralism and the ability of Indians to believe in that democracy.
â€œThis is our baby-boomer generation that is growing up, that is aspiring, that produces and consumes at the same time and creates internal markets,â€ he said. â€œThe third trend that I see is again in Indiaâ€™s favour and I am a big believer in this.â€ As an engineer, he feels â€œthat technology is going to drive more and more value-creation in the world and in spite of the recent economic meltdown, technology is not going to stop,â€ he said.