India vision 2020: C.K.

Prahalad, the renowned corporate strategist opined that Indias human resource alone if professionally trained can help catapult it to the global big league by the time the country completes 75 years of existence in 2022. The journey to this goal must begin with a nationwide wave of academic and professional education together with a massive effort to vocationally train the countrys youth. Mr. Prahalad opined, adding that the India is already becoming home to new business models characterised by very low capital intensity, extremely low fixed costs and conversion of fixed costs into variable costs using smart ideas. He identified areas based on India's core competence, natural resources and talented manpower for integrated action to double the growth rate of GDP and realize the Vision of Developed India which are:
Agriculture and food processing

Aimed at doubling the present production of agricultural processing and food. Infrastructure with reliable electric power

Providing urban amenities to rural areas, and increasing solar power operations. Education and Healthcare

Directed towards illiteracy, social security, ad overall health for the population. Information and Communication Technology

For increased e-governance to promote education in remote areas, telecommunication, and telemedicine.

POVERTY: As per India Today analysis by 2020, India will have 6% of population below poverty line down from 32.7% in 2010. Skills vs. Jobs: NSDC plan to train 500 million people in India by 2022, mainly by fostering private sector initiatives in skill development programmes. However Indias annual budget provision to National Skill Development Fund (NSDF) has been around 500 crore vis--vis annual requirement of 4,000-5000 on an annual basis. Besides, annual employment in India in 2012 was around 0.73 million India Employment Trends and Outlook 2012 which is projected to increase to 100 million by 2020. Hence Indian government has to take steps to not only increase skill levels of people but also increase jobs in the Indian economy. Health and Sanitation: The World Health Organization (WHO) and United Nations Childrens Fund (UNICEF) estimate that there are more than 620 million people practising open defecation in the country, or half the population. India loses more than 600,000 children under the age of five year due to diarrhoea and pneumoniaalmost 30% of the global total.

India has the largest number of stunted children in the world with almost half of all children moderately or severely underweight. Chinas GDP growth rate has been growing at an average rate of 7.8% over the past 40 years vis-vis 3.2% growth rate of Indias GDP. The prima-facie reasons for this growth has been phenomenon growth in manufacturing sector and increase in exports to world economies. Chinas trade balance increased around ten-fold from $ 24 billion in 2000 to $232 billion in 2012. When China joined the World Trade Organization in 2001, China's average manufacturing wage was 58 cents an hour which is less than a tenth that of their average U.S. counterparts, according to the Bureau of Labor Statistics. Cons: China introduced One child policy in 1979 to curb rising population. However it has resulted in loss of working population in current Chinese workforce. Currently it has more than 185 million citizens over the age of 60. The elderly now account for around 12% of China's population, a figure that is predicted to swell to 34% by 2050. China's workforce, those between the ages of 15 and 64, is expected to start contracting beginning in 2015. The number of new entrants into the workforce is already falling and will decline by 30 percent in 2020 compared to 2010, according to Beijing-based research firm GK Dragonomics.