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Sunday, December 3, 2023

India develops strong financial base, formal jobs growing for young population


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On its path of economic development, India is developing a strong financial base which will help its population further, as far as jobs and businesses are concerned. As per 3One4 Capital’s latest report, India- A Startups Nation, a total of 2055 companies have been listed on the National Stock Exchange, and a total of 5311 companies are listed on the Bombay Stock Exchange.

Further, there are currently more than 110 million active demat accounts for trading on the stock market, and since 2021, 8 unicorns have been listed on the public stock exchange.

As of January 2023, India’s equity market capitalization stands at 271.11 lakh crore rupees, the Foreign Direct Investment (FDI) into India during 2022-23 was US$ 100 billion, and the Assets Under Management (AUM) in India’s mutual fund are at, as per February 2023, 39.46 lakh crore rupees. This strengthening financial base of the country is crucial and will only be developing further at a rapid pace because every body knows that India is not an aging country, and indeed has a young population.

If we have a look at the median age across major economies in the world, India has the youngest one with 28.7 years, then comes China with 38.4 years, followed by the USA with 38.5 years. The UK comes next with 40.6 years, and in Japan, the median age is 48.6. Further, trends reveal that we will continue to have a young population. In 2025, India’s working population (ages 15-64) is expected to total two-thirds of the total population.

And with the expansion of the economy and all its sectors, higher aspirations and an increased demand for skilled labour will also lead to higher educational levels. The development of the economy has also led to a growing middle class in the country, which is currently at 300 million, and will boost the economy and production further because of its augmenting consumption.

Additionally, current trends show that formal jobs for the Indian population are growing as well because the net new Employees’ Provident Fund (EPF) subscribers and net new Employees’ State Insurance (ESI) are increasing as well.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.


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