India: A global power in the making

India's shining all over again and it's not just the cricket team that's making waves across the globe.  The G-20 has predicted that India will be one of the 10 largest members in the IMF and its rank in the IMF will improve to eighth position from the current 11th in terms of quota.

Leaders from across the globe are all set to meet in the US later this year for the prestigious Wharton India Economic Forum meeting to discuss how India continues to position itself to compete and succeed in the rapidly changing global environment. The theme for this year's conference is ''India: Gaining Momentum''. With an economy that's growing over 8%, that's hardly surprising.

The country is an emerging global power. R Seetharaman, the Chief Executive Officer of Doha Bank in Qatar, says "India will become one of the most sustainable economies in the future and by 2030, Asia's economy -- mainly encompassing India and China -- will be larger than that of the US and European Union combined." Seetharaman said the world has seen India and China emerging as the main contributors to the recovery of the global economy from a crisis situation.

Another point to note here is that the Sensex crossed the much awaited 20000 mark. The Indian indices defied all global markets and held its fort through the disaster in Japan and the Libya crisis. Exports too have been advancing greatly.

So what is contributing to India's stupendous growth story?

•    Youth population
•    An Educated society
•    High domestic Consumption
•    Investments
•    Grass roots entrepreneurship

India's Gen Y is its best asset and will be the biggest contributor to India's growth. In the next two decades, it will add over 200 million people to its working age - between 18 to 60 years - population. Much more than any other country in the world.

For India, more working people means more income. More income means a more prosperous nation. For a country that will become a middle income nation - per capita annual wages of $1,200, translating into Rs 4,500 a month - by the end of 2010/11 after more than a century of penury, its young population presents a never-before opportunity for transition.

Now if only we elect the right leaders, there's no stopping India from being the next super power.