'We don't have oil': Finfluencer warns that India can't become rich by turning huge youth population into reel-making freeloaders

India’s demographic advantage, often hailed as its most valuable resource, is at risk due to inadequate education and poor resource allocation, according to experts. Akshat Shrivastava, founder of Wisdom Hatch, and Raghuram Rajan, former Reserve Bank of India governor, have raised concerns about the country’s strategy for economic growth, emphasising the urgent need for investment in education and human capital development.

Shrivastava’s critique of current policies

Akshat Shrivastava, a prominent entrepreneur and educator, recently took to social media to express his apprehensions about India’s economic trajectory. Highlighting the potential of India’s young population, he warned that failing to provide quality education and proper guidance could undermine the country’s ambitions.

"We don't have oil, so we can't become rich. We don't have an autocratic government, so we can't become rich like China. Fact: every country has something valuable. We have a huge young population. If you keep them ill-educated and turn them into reel-making freeloaders, of course, we will never become rich," Shrivastava wrote.


His comments draw attention to India’s lagging performance in key economic indicators compared to China. In 1980, India’s per capita GDP was nearly double that of China. Today, China’s per capita GDP stands at $25,015, more than twice India’s $10,123. Similarly, while China’s exports are valued at $3.5 trillion, India’s exports are significantly lower at $0.78 trillion.

The role of education in economic growth

Shrivastava emphasised the crucial role of education and employment opportunities in driving economic growth. "Consumption and economic growth hinge on how we educate and mobilise this generation. Right now, we’re not doing enough," he implied.

His concerns resonate with the broader discourse on India’s human capital development. Despite progress in some areas, experts argue that India has not fully tapped into the potential of its vast workforce.

Rajan’s warning on resource allocation

Raghuram Rajan, a former RBI governor and a professor at the University of Chicago, has also criticized India’s economic priorities. Rajan recently pointed out that India spends more on subsidies for semiconductor manufacturing than on its annual higher education budget.

“This is certainly not the way to become a developed nation,” Rajan said, highlighting the need for a balanced approach that prioritises foundational investments like education.

A critical juncture for India

India’s young population is often considered its most promising asset. However, as Shrivastava and Rajan argue, this potential can only be realised through strategic investments in education and workforce development. Failure to address these issues could jeopardize India’s long-term economic goals, leaving its demographic advantage underutilised.