The quality of the stock of population of a country or a geographical region influences its productive capacity. Quality in this context connotes the age composition, the child/adult ratio, the proportion of senior citizens, that is of those aging 60 or greater in the total population.
The latest statistics released by World Health Organization, say the number of people aging greater that 60 years would be 300 million by 2050. At the time, India’s population as a proportion of total population of the globe would be 17 percent.
Another estimate of the statistics is that the people above 65 years is likely to be greater that youngsters below five. Their number would be more that children below 14 years in this year, that 2050.
Such changes would be have major implications on the economy. A greater number of aged people would bring more amount of knowledge, experience.
Appropriate policy changes should be brought in to face the new challenges. Some of these are, the financial system including banking, health insurance, pension schemes- that have to be streamlined to make them suitable to the typical needs of these senior citizens.