A country, a lot of hard work has already been done. We are poised for transformative change to see a developed India. On the other side of the paradigm shift, let me share a few factoids with you to set the context. About 10 years ago, we ranked as the 11th largest economy in the world. Today, we are at number five and already on course to overtake Japan and become the number four with a $5 trillion GDP by next year. Two decades ago, this would have seemed completely unimaginable. The size of India's nominal GDP is aimed to nearly double to US$7 trillion by making India the third largest economy in the world, raising its share in global GDP from 3.6% to 4.5%, and lifting the per capita income to the upper middle-income group. Each of these are nothing short of staggering. The income rise aimed at pulling millions out of poverty into a middle class. A new generation of youth who are digitally connected and socially aware will become the engine for household consumption. About 50% of households will be middle-income, up from about 20% today. And in 10 years, the per capita income is expected to rise to about $10,000, boosting the quality of life for more than 1.2 billion Indians. And this rise in the number of people with disposable income would be the largest national development effort any democracy anywhere in the world has ever attempted.
We witness how structural reform by the government supported this economic lift. GST, an integrated national market, introduction of Aadhaar, Jan Dhan, and UPI has vastly widened financial inclusion. As a result, we see visible change in the economic landscape of the country. Urbanization is an indicator of upward mobility. Every minute, 30 people are moving from a village to a city or town in India. But beyond numbers, our core strength is our people. Even as other developed economies face the challenge of an aging population, a young and vibrant global workforce will come from our country. We are poised to have over 1 billion working-age people by the year 2030, and this is the core to power Viksit Bharat. We stand there at a pivotal juncture where our ambition, our imagination, and performance paves the way for a bold, transformative India. It is time to reimagine India's role as a global force, as a source of ideas and solutions. I believe there are four fundamental levers that will be integral to shape this.
Let's start with the first. First among them, I believe, is business. The government, to a large extent, has done its bit by creating and enabling an ecosystem. And it is now for us in business, and this includes India's corporate India, exciting startup sectors, and India's talented MSME businesses, to grow the momentum forward. We have the service hubs that can rival the supply chains of the world. We know India has the intrinsic capacity to create world-class companies. For example, Maruti Suzuki's market cap in India is double that of its parent in Japan. I believe that the large Indian company of tomorrow will emerge from the humble sectors of today, and the groundswell of entrepreneurial energy, as we know, is now palpable in our country. We know there is a need to invest. Over the last decade, the government increased its capex by five-fold, and now it is time for India Inc. to join the party. Large conglomerates like the Aditya Birla Group have embarked on an unprecedented expansion spree, but this investment fervor needs to be far more widespread across industry. This brings me to the second pillar for Viksit Bharat, and that is innovation.
Over the last decade, India has demonstrated to the world the power of innovative digital public goods. The digital edifice that has been painstakingly built in India by the government covers payments, identity, data management, and commerce, and has no parallel in the world. Let us look at two examples. Take the Anna Yojana scheme that transfers food grains for free to the poor. This scheme covers 800 million beneficiaries. This number is greater than the entire population of North America, or for that matter, the Awas Yojana project that provides housing for 180 million people. It is like providing housing for a population which is more than the size of the population of South Korea and Thailand combined. And this has just been made possible thanks to the digital public infrastructure put in place in the country by the government. The need of the hour for India to achieve the next level of growth is to leverage technology across sectors: manufacturing, agriculture, healthcare, and education, among others. It is now time for India's private sector to innovate and harness the power of technology for transformation. A recent PwC analysis suggests up to 40% of India's trillion-dollar economy in 2034 should be derived from new solutions. Hence, the need for innovation. This brings me to the third fundamental factor, which I think is critical, and that is talent.
India's entrepreneurs are natural. In just 75 years of independence, we have broken into the top five global economies, and globally, Indians are creating and leading some of the world's companies. We have the talent. Many enabling factors are in place. We have strong capital infrastructure in terms of PE and VC investors who are ready to fund new business ideas and have done so in large context here in our country. We also have a robust higher education system to develop skilled talent. India's workforce is interestingly shifting from agriculture to more productive sectors. Productivity and process competitiveness, a strong private sector, and skilling capacity. Designing of education and vocational courses to develop industry-specific skills, diversity and inclusion also come into play to increase labor force participation. The increase in the participation of the female labor force will directly impact India's growth rate. Also, improving the quality of human capital at the other end of the spectrum, as we migrate to Industry 4.0, adopting AI, ML, IoT, and other such new technologies, we also need concerted efforts to elevate our technology talent as well. For this, we in industry need to invest in education, skilling, and training with the very best that the world has to offer. For instance, as an example, AI alone has led to the creation of many new jobs: natural language processing specialists, machine learning engineers, smart home designers, AI research scientists, user experience designers, robotics engineers, and cybersecurity experts. Such emerging areas will build the capacity to skill our young talent so they can be ready to work in the industrial environment of tomorrow.
And the fourth fundamental factor, in my view, in the journey towards Viksit Bharat, is sustainability. My great-grandfather and the patriarch of our group, G.D. Birla, believed in the exuberance of business as a force for good, and this philosophy has guided our actions over the generations. We believe that it is imperative that economic growth and social equity need to advance in sync to make transformation possible and sustainable. A future-ready enterprise with collective prosperity in view is a strict imperative. I hope to see many more enterprises embracing the creation of long-term value, not just for shareholders, but for all stakeholders. Companies will need to ensure that the future can be profitable as well as sustainable. Building for tomorrow means embracing the notion of responsible businesses. For example, it requires transitioning to renewable sources, minimizing waste, and producing responsibly. This will be the gateway to responsible growth and development in the future. And this issue will continue to shape the future of capital, of innovation, of technology, and of our society. The private sector's role is, I believe, critical in realizing these objectives. Companies have shown agility in adopting sustainability practices, targeting environmental responsibility aligned with long-term profitability and value creation.
To summarize, the collective journey towards Viksit Bharat will be driven, I believe, by three by four key pillars as outlined: business, innovation, talent, and sustainability. Or let's call it BITS. I can tell you from personal experience as the Chancellor of BITS Pilani that with an acronym like BITS, you just can't go wrong. As you will know, last night an 18-year-old Indian Grandmaster became the youngest ever world chess champion, D. Gukesh. I hope I am getting his name right. His historic feat is emblematic of the rise of a new India, a young India, a self-assured India, a path-breaking India. And as this new India unfolds, it promises to define possibility and inspire greatness. I am confident the Bombay Chamber will continue to play an active role in the journey towards Viksit Bharat. I would like to convey my very best wishes to all of you members and office bearers, and we collectively contribute to the creation of a Viksit Bharat.
I request President Ms. Pinky Mehta and Vice President Mr. Bala to present Mr. Birla a memento and a token of our appreciation.
