Dwindling dividend

Demographic advantage will not last forever

One of the highlights of Prime Minister Narendra Modi’s Independence Day speech from Red Fort on Monday was the call to embrace Panch Pran, or five resolves, for the next 25 years when India celebrates 100 years of independence. First on the list was the resolution of developed India. “… and now we should not settle for anything less than that,” Mr Modi emphasised. This is a worthy goal and India must aspire to attain higher growth to close the gap with the rich world as quickly as possible. One of the biggest advantages in this context that India has