Write two independent reports on the Indian economy in recent times, which have identified that India would grow faster due to its strength in human capital formation.

Two independent reports have been given below:

1. Independent Report of Deutsche Bank : Deutsche is a German bank. In its report on 'Global Growth Centres' this bank identified that India will emerge as one among four major growth centres in the world by the year 2020. It further states, 'Our empirical investigation supports the view that human capital is the most important factor of production in today's economies. Increasing of human capital are crucial to achieving increase in GDP.' With reference to India, it states, between 2009 and 2020 we expect 40% rise in the average years of education in India to just above 7 years.

2. World Bank’s report : World Bank, in its recent report 'India and the Knowledge of Economy — leveraging strength and opportunities' states that India should make a transition to the knowledge economy and if it uses knowledge as much as Ireland does, then the per capita income of India will increase from a little over US dollar 1000 in 2002 to US dollars 3000 in 2020. It further states that the Indian economy has all the key ingredients for making this transition such as a critical mass of skilled workers, a well functioning democracy and a developed science and technology infrastructure.