( Financial Times ) -- Mukesh Ambani , India 's richest man , has called for a generational change in the country 's gerontocratic leadership , and urged the government to move faster to implement reforms that would help meet its young population 's economic ambitions . `` We 've had a mystery [ in India ] where we think that [ important ] jobs can only be done by 60-yearr-old plus [ people ] . . . I think we 're now fast moving to say that our 40-year-olds can take more responsibility and can perform better , '' Mr Ambani , 54 , told business leaders and policymakers at the World Economic Forum 's India Economic Summit in Mumbai . He added that moving towards `` leadership [ that ] reflects our demographics '' , should be a top priority for the country . The tycoon 's call for younger leadership comes as 41-year-old Rahul Gandhi prepares to take greater responsibility in India 's ruling Congress party from his ailing mother Sonia , the party president , and as the country 's economy recedes from much-wanted double-digit growth . Many political analysts are expecting an imminent transition of power in which Mr Gandhi -- the scion of the Nehru-Gandhi dynasty -- takes a more visible role following the treatment of his 64-year-old mother for an unknown illness in the US over the summer . Some expect him to take the party 's presidency before crucial elections in Uttar Pradesh next year . About 70 per cent of India 's 1.2bn people are under 35 . Mr Ambani 's call to `` align leadership with demographics '' is an appeal for greater dynamism in Asia 's third largest economy at a time when the administration of Manmohan Singh , the 79-year-old prime minister , is flagging . The opposition Bharatiya Janata party is led by the 83-year old L.K . Advani . Likewise , some of its leading businesses , such as the Tata Group , are led by septuagenarians . One of the top complaints of Mumbai industrialists , alongside high domestic borrowing costs , is paralysis in India 's parliament and bureaucracy following a slew of embarrassing high-profile corruption scandals . Mr Singh and his top economic team were absent from the WEF , viewed as a key investment showcase held this year for the first time in India 's financial capital . Previously , Mr Singh has used the event to sell his country 's prospects to foreign investors . Janmejaya Sinha , the chairman of the Boston Consulting Group in the Asia-Pacific region , said : `` The government 's record in addressing the big issues is abysmal . '' `` The issues are ethical not economic , but we keep saying it is an economic problem , '' he said about New Delhi 's failure to push through improvements in education , healthcare and power . Mr Ambani , the chairman of Reliance Industries , India 's largest family-controlled conglomerate by market capitalisation , emphasised that it was essential for the government to speed up reform to meet the demands of the fast growing private sector . `` The reality is that India is a land of a billion opportunities and not of a billion problems , '' he said . Room at the top . Oldies . Manmohan Singh Prime minister , 79 , a respected technocrat in his second term as PM . Pranab Mukherjee Finance minister , 75 , and Congress party 's troubleshooter . L.K . Advani Leader of opposition Bharatiya Janata party , 83 . Sonia Gandhi Congress president , 64 , Italian-born wife of murdered former PM Rajiv Gandhi . Ratan Tata Tata Group chairman , 73 . A search is on for his successor at the head of one of India 's largest industrial groups . Youngsters . Rahul Gandhi Congress general secretary , 41 , widely tipped as a future PM . Sachin Pilot Junior minister of technology , 34 , son of a late Congress politician . Varun Gandhi A BJP leader , 31 , Rahul 's cousin who has gone over to the Hindu nationalist opposition . Madhu Kannan Managing director of Bombay Stock Exchange , 38 . Sachin Bansal FlipKart chief , 28 , founded India 's answer to Amazon.com with his brother . © The Financial Times Limited 2011 .
India 's richest man has called for a change in the country 's gerontocratic system . Ambani supports governmental reforms to meet its young population 's economic needs . About 70 per cent of India 's young people are under employment .