India's population demography presents a unique advantage for its economic future. With a median age of 28.4 years, India has a young population that is expected to be a driving force for economic growth, commonly referred to as the "demographic dividend."
The Strength of Democracy in India's Economic Growth
India stands proud as the world's largest democracy, with a population of over 1.3 billion people. Its democratic system of governance has been a catalyst for economic growth, providing stability, transparency, and accountability, which are essential for a thriving economy.
The democratic structure of India promotes a competitive environment that fosters entrepreneurship, innovation, and investment. It offers a level playing field for businesses to flourish, as reflected by India's improved ranking in the World Bank's Ease of Doing Business report. In 2014, India was ranked 142nd, and by 2019, it had jumped to the 63rd spot, showcasing the positive impact of democratic reforms on the business environment.
Democracy also ensures that policies and decisions are inclusive, addressing the needs and aspirations of the people. This promotes inclusive growth, reducing poverty and inequality, and creating a strong consumer base. As per the International Labour Organization, India's poverty rate declined from 21.6% in 2011 to 10.7% in 2019, indicating the positive impact of democratic governance on poverty reduction.
India's population demography presents a unique advantage for its economic future. With a median age of 28.4 years, India has a young population that is expected to be a driving force for economic growth, commonly referred to as the "demographic dividend."
The Strength of Democracy in India's Economic Growth
India stands proud as the world's largest democracy, with a population of over 1.3 billion people. Its democratic system of governance has been a catalyst for economic growth, providing stability, transparency, and accountability, which are essential for a thriving economy.
The democratic structure of India promotes a competitive environment that fosters entrepreneurship, innovation, and investment. It offers a level playing field for businesses to flourish, as reflected by India's improved ranking in the World Bank's Ease of Doing Business report. In 2014, India was ranked 142nd, and by 2019, it had jumped to the 63rd spot, showcasing the positive impact of democratic reforms on the business environment.
Democracy also ensures that policies and decisions are inclusive, addressing the needs and aspirations of the people. This promotes inclusive growth, reducing poverty and inequality, and creating a strong consumer base. As per the International Labour Organization, India's poverty rate declined from 21.6% in 2011 to 10.7% in 2019, indicating the positive impact of democratic governance on poverty reduction.
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