From various articles and thought leaders it seemed that the economic future of India is very bright. It might as well be. But the population growth that will propel India in the next 40 years or so will become it own downfall in the years after 2050! That is when the burden of the high population will start affecting the country with more old people roaming around.
Here are some stats and figures from the BBC that are extremely insighful of the future of India.
In 2000, a minority of the population was over 60, but by 2050 retired people will form a significant part of society. This raises questions about how they will be supported, as fewer than 10% have pensions.
More than 65% of people live in rural areas, but migration to the cities is accelerating.
WEALTH DISTRIBUTION IN INDIA
(worth pausing on the two figures in bold!)***
- Top 1%: 16% of wealth
- Top 5%: 38% of wealth
- Top 10%: 53% of wealth
- Bottom 80%: 30% of wealth
- Bottom 50%: 8% of wealth
- Bottom 20%: 1% of wealth
- Bottom 10% 0.2% of wealth
Source: University of Western Ontario, 2006
*** To understand this in more stark contrast – read the article on McKinsey suing Reliance for dues (Rs 24 crores). Here is a comment by one of the readers that shows how the rich use the poor and the middle class to fill its own pockets while they keep waiting for their legitimate moneys:
Reliance Sucks Blood of even their employees
by manoj kumar on Jul 23, 2007 11:49 AM
I was working with reliance for two years amd i can say thatthey dnt even leave theeir employees. My PF was half sucked by the PF trust ofReliance lot of deductions including the handset Shifting charges i had too pay back with interst. Appraisals and PLI for this year till now not realised.