The enormity of the Indian population is affecting all aspects of human life. The economy is facing ‘The Problem of Plenty’ due to the over-population. While the provision of resources becomes a challenge, the ongoing businesses get a boost due to the thumping demands of the huge population. The startups face many challenges because of over-population. They face problems like, high competition, lack of vocational education and inaccessibility or lack of accessibility of governmental schemes and policies. This is restricting India to a Developing Economy. In order to make the Indian economy a mighty one, the optimum utilization of the abundant human resources is a must.
According to latest census, India became the most populated country in the world, surpassing China in April, 2022. It has over 1.4 billion inhabitants, which make up one-sixth of the world’s total population. It is undoubtedly a threat to all aspects of the human life, be it social, political, economic, or developmental. The economic sector suffers hugely due to the constantly rising population.
Lack of resources, unequal distribution of resources and most of all, lack of opportunities – educational, vocational or entrepreneurial – result in the stagnant growth of the economy. For the ever-growing population, providing education and vocation is difficult. On the other hand, ongoing entrepreneurial activities get a boost due to the increasing demands of the growing population. Moreover, it also means availability of a huge labour force, which helps in increasing production to the businesses.
In order to grow entrepreneurial activities, vocational education is essential, but to provide it to the vast Indian population, is a huge challenge. The availability of employees and workers is in abundance, but the workers are either not trained vocationally, or lack adequate education. This is one of the causes of ‘THE PROBLEM OF PLENTY’ in the entrepreneurial activities of our country.
Several governmental policies offer support and opportunities to boost the startups and give them the initial momentum they require, like The Multiplier Grant Scheme, The Startup India Seed Fund Scheme, Atal Innovation Mission, to name a few. Due to rapidly growing population and a huge number of business startups in India, it becomes very difficult for the budding entrepreneurs to access the schemes. Moreover, they also face challenges in the legal establishment of their firms due to the same.
India is one of the fast-growing economies with high competition in every field, including entrepreneurship and business startups. The innumerous businesses and startups in the country lead to the youth preferring jobs over startups, as they provide them with a sense of security and stability. Even the youth who have innovative ideas rarely find the motivation and favourable circumstances to pursue business. This causes only big businesses to thrive. The talent and innovation of the youth thus get wasted.
India is still a ‘Developing Economy’. The reason behind this is not the lack of workforce, but is the lack of direction to the said workforce. Guiding the youth would ensure an efficient and competent workforce, which would fuel the development of the country. This would include providing education and training in a way that produces not only employees, but entrepreneurs. A skill-oriented education system is a must for developing a skillful and accomplished future generation.
The Indian Economy is growing, and it is growing at a fast pace.
Ratan Tata
This quote by Indian businessman and philanthropist, Ratan Tata, indicates that currently the Indian economy is growing at a fast rate. It holds the potential of growing faster and becoming a mighty one. To ensure this, the looming threat of over-population has to be made a boon by utilizing it to its full potential. Thus, finding ways for the optimum utilization of the copious human resources is the key towards thriving the Indian economy.
