New Delhi: Aided by a large professional workforce, India can become a global service capital for knowledge-based services and create 40 million new jobs along with boosting its gross domestic product (GDP) by upto $ 200 billion by 2020, says an action plan report submitted to Prime Minister Atal Behari Vajpayee on April 17.

At a meeting with Vajpayee, the All India Management Association's High Level Strategic Group headed by Planning Commission member N K Singh presented a blueprint for action and an action plan on ways to achieve this ambitious target.

The meeting was attended by senior industrialists including former Confederation of Indian Industries (CII) president Rajive Kaul and former Federation of Chambers of Commerce and Industry (FICCI) president Sudhir Jalan.

The report states that India's opportunity lies in the changing demographics of the world coupled with the growth of service economies in the developed countries.

It says ageing populations and reducing birth rates in almost all developed countries including China will create a shortfall of workforce, while the needs of their population for services increase along with the economic growth.

Actions taken by developed countries such as increase in the retirement age, higher participation of women in the workforce, more automation and increased immigration will not be enough to bridge the shortfall, it says.

PTI