Page 24 - Shelter, October 2024

THEME PAPER
higher incomes, improving
the standard of living for
millions.
Population Pyramid,
Urbanisation and Youth
As per the Census 2011,
the population of India
was 1.21 billion with 31.1%
living in urban areas. As
per the projections, India’s
population is expected to
surge to 1.7 billion in 2047
with 50.9% urban, with the
annual urbanisation rate
expected to be 2.33% (UN
World urbanisation Prospects,
2018). This is indicative of the
migration trends towards
urban areas, driven by better
employment opportunities,
improved living standards,
and improved infrastructure
in cities. As a result, demand
for urban housing and
Figure 3: Population Pyramid of India, 2011
Source: Census of India 2011, RGI
22 HUDCO-HSMI Publication
infrastructure facilities is set
to take a giant leap to absorb
the rising urban population.
As the population Pyramid
given at Figure 3 indicate,
India is one of the youngest
nations in the world, with
53.7% of the population of
age less than 25 years, 27.6%
in the age group of 25-44
years and more than 60% of
the population in the working
age of 15 to 60 years, which
provides wide demographic
dividends. The average age of
Indian population is estimated
to be around 29 years in
comparison to 47 years old
in Japan and 40 years old in
the United States of America,
which gives us an edge over
the demographic dividend of
other countries, in terms of job
creation, income generation
and overall economic growth.
With this level of
demographic dividend due
to a younger population
and the consequent level of
economic growth by 2047,
there would also be a positive
shift in income composition of
various socio-economic group
with India set to witness a
substantial decline in the share
of the destitute class (income
below `1.25 lakh) to a mere
1.51% in 2047 from 51.71% in
2015-16 (Figure 4). As per a
Report (PRICE 2023), by 2047,
the rich class (income higher
than `30 lakh) is projected
to constitute 26.31% of the
population with the share
of the middle class (income
between `5 lakh- `30 lakh)
being a massive 61.11%. This
shift underscores the positive
impact of economic growth
on income distribution,
leading to a more prosperous
and equitable society.
Harnessing the Potential
of Youth for Viksit Bharat
As India aims to become a
fully developed nation by
2047 under the vision of Viksit
Bharat, it faces the critical
task of building resilient,
sustainable, and inclusive
urban infrastructure. One of
the most untapped resources
in achieving this goal is
India’s youth. India is home
to a fifth of the world’s
youth demographic and
this population advantage
could play a pivotal role