Earnings in India could double in the next decade which is already creating social change.
That’s the crux of a story in yesterday’s (November 28) edition of The Wall Street Journal. The article, “India’s Surging Economy Lifts Hopes and Ambitions,” examines the changes in status, and income, of India’s population in the past 10 years. Young people are making more money than their parents ever dreamed of.
The WSJ.com also has a couple of excellent graphs which helps one to better understand India’s current growth. I have included a link to those graphs below.
For yet another perspective on the tremendous changes taking place in India, there’s also another link, this time to The International Herald Tribune (via the New York Times, the IHT’s sister publication). This video is about young people traveling via train across India to Mumbai in search for a better life. Aboard the Pushpak Express.
Despite all the recent articles and talk of India’s surging economy, there is, in fact, still a very large portion of the Indian population living at, or below, poverty level. But the global perception is different. The educational infrastructure has severe problems. According to the IHT story, many teachers rarely show up to class (given the low teacher earnings) because they can make more money tutoring. According to the World Bank, only 17% of Indians in their mid-20’s and older have a secondary education. The Indian government is creating ways to improve the education system, and that includes asking the private sector for help.
From WSJ: India’s Surging Economy Lifts Hopes and Ambitions
“Since it gained independence, India has been defined by socialism, poverty and a Hindu caste system that determined a person’s place in society from birth. Now, amid an explosion of economic growth, millions of Indians are embracing long-unthinkable ambitions: to lead a better life than their parents and create a better life for their children.” More. at WSJ.com.
