India’s rich demographic dividend makes it a young country. Most of the population is under the age of 25 years, and is expected to remain so for the next couple of decades, says Financial Security for India’s Elderly, the Imperatives, April 2017, a report by Crisil and Pension Fund Regulatory and Development Authority (PFRDA). Almost 90% of the population was below the age of 60 years and the working age population proportion stood at 44% in 2015, it adds. But the population is also ageing with each passing day. The share of the elderly in India’s population rose to 8.6% in 2011 from 5.6% in 1961. According to its population projections for 2001-26, this would increase further to 12.4% by 2026 and every fifth Indian will be a sexagenarian in 2050 compared with one in 12 now. Thus, by 2050, India would be in a similar position to today’s developed world in terms of the share of the elderly in the population.
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