Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Saturday, January 31, 2015  

Income gaps, unskilled youth pose challenge to India growth: WEF
GURGAON (India) Widening income gaps and rising numbers of unskilled young people could derail India’s economic growth, speakers at a high-profile economic conference warned on Thursday.

While the middle class has ballooned as India has become one of the world’s fastest-growing economies, more than 40 per cent of its 1.2 billion population still survive on less than $1.25 a day, according to the World Bank.

“India is at a crossroads,” Rajat Nag, managing director-general at the Asian Development Bank, told the World Economic Forum (WEF) on India in Gurgaon, a satellite city of New Delhi that is a mix of luxury malls, high-rises and slums.

“India is expected to become an economic powerhouse but the growth story may be become unhinged if marginalisation continues,” he said at the meeting of business leaders, government officials and social activists.

Later, Indian Trade Minister Anand Sharma said India will abide the decision to open retail and other sectors to wider foreign investment.

 “What we have done is irreversible — what is cast in stone cannot be set aside,” Sharma told the WEF delegates.

Inequality in earnings has doubled over the past two decades, a recent Organisation for Economic Cooperation and Development report said, with the top 10 per cent of wage-earners making 12 times more than the bottom 10 per cent.

In addition, India’s statistics on health, malnutrition and infant mortality are worse than those for some countries in sub-Saharan Africa, with the nation accounting for 20 per cent of the world’s infant deaths, experts noted.  “The risk of so many Indian children growing up physically and mentally stunted undermines the potential for growth,” said Jasmine Whitbread, chief executive of Save the Children International,

Rising income disparities and India’s inadequate education system are some of the most worrying challenges ahead.

India, which spends less than two per cent of its gross domestic product on education, must “face up to the fact that if it wants to succeed in the world, it has got to invest more in education”, said Gordon Brown, UN Special Envoy for Global Education and Britain’s former prime minister.

By the end of the decade, the average age of an Indian will be 29 — representing what population experts call the “demographic dividend” of young workers that the government hopes will help power the economy.

Trade minister Anand Sharma said the nation now needs jobs for 12 to 14 million Indians who join the workforce annually — but a yawning skills gap and a lack of vocational training and of teachers is a problem. “India is full of young people — but we don’t have the trainers,” said Shantanu Prakash, chairman of Educom Solutions India, the nation’s largest private educator.

More than half of graduate engineers “are unemployed because of low-quality teachers”, said Naresh Gupta, a senior executive of software firm Adobe Systems.

The prospect of a demographic disaster — millions of ill-educated young people unable to find jobs — is a danger that looms over the country, speakers said.

Agence France-Presse
NEWS UPDATES
Oman
Artisans the vanguards of Omani heritage
Hasani spells ministry role in safeguarding rights
Events to mark Nizwa honour launched
India to ink MoU with Sultanate to boost tourism
Defence Ministry’s ‘Sahab Project’ portal launched
Oman Oil, NBC sign agreement to expand incubator activities
Other Top Stories
Sultanate is world’s 56th freest economy
Houthis want unity, peaceful transfer of power in Yemen
Snowden bares another US spy program
White House seeks $534b base defence budget, $51b for wars
UN peacekeeper, 2 Israelis die in Israel-Hezbollah violence
Middle East
Obama, Salman discuss conflicts in Yemen, Syria
Rights group slams Israel for bombing Gaza homes
Teacher’s kin oppose killer’s execution in murder case
Kobani capture not a turning point in Syria campaign, says US
Sudanese rebels detain UN staff
Syria anti-polio drive close to pre-war level
Business
Apple logs record $18b profit
Fed on track to hike rates this year
Shell Oman to pay 92% dividend
Bank Dhofar plans bonus share issue
China to set 2015 growth target at 7%
ONGC stake to be divested this fiscal to mop up $2.95b
Currency shifts eat into fuel cost savings, says Emirates
Qatar set to grab London’s Canary Wharf
Apple doubles patents to be numero uno
Yuan becomes world’s fifth payment currency
Airlines slash fuel surcharges, but passengers not to get benefit
Sports
Fired-up Serena blasts past Cibulkova
Fired-up Serena blasts past Cibulkova
Williams sisters say Keys a future star
Mountain Bike Race on Friday
Ghana finish top in ‘Group of Death’
Ivanovic uses his head in Chelsea’s win
GCC Blues lift inter academy cricket cup with win over GCC Reds
Ambassador XI, Team Coorg triumph
Postecoglou confident of breaching Korean defence
Luongo is Australia’s new star on the block
Neymar vows to help Brazil win gold in Rio
Djokovic gets over Raonic hands down

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution