India, Sept. 21 -- The world is undergoing an unprecedented demographic transformation. The proportion of older people is rising rapidly, while the proportion of younger people is declining. This shift is driven primarily by two interconnected trends: declining total fertility rates (TFR), which result in fewer children being born, and increasing life expectancy due to advances in public health, medical care, and living conditions.

According to the World Health Organisation (WHO), in 2020, the number of people aged 60 and above globally surpassed the number of children under five for the first time. By 2080, people aged 65 and above are projected to outnumber those under 18. These trends have profound implications for governments, econom...