Greying India's silver lining

In its obsessive quest to draw the demographic dividend, is India missing a big opportunity, or, worse, choosing to remain oblivious to a ticking time-bomb? The urge to prematurely celebrate a “young India” is all-pervasive, be it politicians, policymakers to industry captains. Catch them young is the dominating sentiment. There is nothing wrong with the focus on the young. But when there is growing fear of the dividend turning into a liability, it is imperative to have a holistic view. Estimates say 11.5 percent of the world’s seven billion people are 60-plus. By 2050, this proportion is projected to rise to about 22 percent, when the elderly will outnumber children (below 15 years of age). [caption id=“attachment_6010601” align=“alignleft” width=“380”] Representational image. Reuters[/caption] According to the UNFPA 2017 India Ageing Report, while the country is not expected to report more than 19 percent elderly by 2050, the absolute numbers will be very large. The share of population over the age of 60 is projected to increase from 8 percent in 2015 to 19 percent in 2050. Are we at all ready to navigate the spiralling ageing challenge? No. From a negative mindset to the near absence of a policy framework to elderly not being perceived as a potent vote bank, a greying India isn’t a priority at all. India alone is not facing the dilemma. The developed world is seized of the issue, but India isn’t simply bothered yet. There are no off-the-shelf global solutions. Longevity is a dividing issue. One strong view is that it has a promise of an economic ecosystem that would fuel growth. This, however, is not without raising the spectre of mounting social costs. The longevity economy is about leveraging a healthy population’s potential to drive demand while also extending the earning cycle beyond the traditional age bar of 60. Keeping a vast population healthy will be a major economic activity. There are said to be enormous opportunities for those investing in the silver economy: social upkeep, health, recreation to asset management, the value chain is on the rise. The new-age economy will also ensure a large supply of a skilled and an experienced workforce. This will only happen if (in the formal sector) millions of retirees are encouraged to take up new responsibilities. This, in turn, will require new labour formats. There is evidence to suggest that, unlike in the West, retirees in India tend to go into a shell, often aggravating health issues. Given the job challenges in India, reemployment isn’t a viable solution but there is a need to tap into the vast talent pool of retirees. Politicians, too, need to redraw their priorities. As of January, 2017, India has around 850 plus million voters, the Election Commission of India Pocket Book, 2017, says. Voters above 60 are pegged at about 10 per cent, a sizable chunk that counts maturity, experience and commitment to democracy as its USP. Time to own it politically! In contrast, new data points to a huge gap between eligible voters and registered voters among the young: in the 19 to 24 age group, the gap stood at 75 per cent. This shows the electoral influence of the young is overstated. Old is gold indeed, if only the young give them a chance!