New Delhi, Sept. 29 -- India is likely to have a much older population later this century as its age structure begins to shift after fertility fell below the replacement level, Moody's Ratings said in a report on Tuesday.

Although India's population remains relatively young, the country's fertility rate has fallen below replacement, and its age structure is beginning to change, setting the stage for a much older population in the coming decades, Moody's said. Countries experiencing the steepest fertility declines are likely to age most rapidly, it added.

The shift is part of a broader global demographic transition. More than 70% of the world's population now lives in countries with fertility rates at or below the replacement level, Mood...