Page 63 - TRI Annual Report

Transform Rural India
Chapter 4 This year India has become
world’s most populous country,
Trends Impacting Rural surpassing China. There is a
significant opportunity for India
to become global growth
engine by 2047. With over 50%
of its population below the age
of 25, and almost half of the
population with access to cell
phones and the internet, there
is an unparalleled opportunity
for widespread prosperity.
Megatrends
Shaping
Economic
Opportunities
in Rural India
The National Commission on
Population (NCP) estimates that
even by 2050, 50% of India's
population will continue to
remain rural, indicating the
importance of rural areas in the
country's aspirations.
Rural India contributes to 50%
of the national income and is
responsible for 70% of the
country's labour supply.
According to Nielsen, the FMCG
market is expected to reach
100 billion USD by 2025. Major
disruptors are already bringing
about a paradigm shift in rural
India through technological and
digital interventions, changing
consumption patterns, and
blurring between rural and
urban areas. These changes
will expand opportunities for
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prosperity. To harness these
opportunities, a whole-of-society
approach is necessary, where
the Samaaj, Sarkaar, and Bazaar
accelerated development
converge and synergise for
outcomes.
There are 5 mega trends that
hold great potential for
transforming rural India.
Demographic Shifts
India will have over 1 billion
working-age individuals in a
decade, approximately 67% this
will come from rural youth, with
48% female. Large proportion
of this young population will be
educated and unemployed
posing threat to social and
political stability. Improvements
in skilling, employment, and
education for rural youth will
play a crucial role in driving
Sustainable Development
Goals (SDG), particularly in the
fulfilment of SDG 1 (Poverty),
SDG 5 (Gender Equality), SDG 8
(Decent Work and Economic
Growth), and SDG 9 (Industry,
Innovation and Infrastructure).
The future of work is changing
rapidly, with industries
requiring a skilled workforce
over an educated one. This
means that avenues for skilling,
re-skilling, and upskilling will
become increasingly important
to bring demographic dividend.
It is essential not only to create
employment opportunities but
also to train young people as
per industry needs so that they
can access dignified
employment. Meanwhile, the
aspirations of rural youth are
not much different from their
urban peers, despite cultural
diversity. Mobile and internet
Annual Report 2022-23
penetration and accessible
social media platforms have
contributed significantly to this.
Aware rural youth often
migrate in search of better
education or stable jobs. To
meet their needs, a robust
entrepreneurial ecosystem is
required to support young
aspirations.
On the other side we are having
one of the largest ageing
population, over 10% of the
population is above 60 years.
As life expectancy increases,
the consumption needs of the
ageing population will also
grow, providing an emerging
business opportunity. The set
of products and services that
the ageing population will
consume will pave the way for
a “silver economy”. This will
create opportunities for both
older and younger generations
in healthcare, housing, Internet
of Things, e-commerce,
transport, and other sectors.
Flexible career models with
lifelong re-skilling will be
necessary to adapt to
changing market needs and
a robust social protection
system. Social
entrepreneurship will play a
key role in achieving the
silver economy, and public
policy needs to build
enabling frameworks to
help these efforts flourish.
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