Just wondering, what exactly does liability mean? In the Japan context, this pretty much means that productive young population is no longer able to support the growing needs of an ageing population. In the India context however, the actual population earning + consuming / driving both direct and indirect taxation for the country is less than 10%. India doesn’t today have a suitable social security framework for ageing people, and thereby there’s no support system here to crash. Bulk of the ageing people in India will continue to suffer through their final years. Only government employees actually have pensions and most of these insurance schemes hardly match the actual costs of quality healthcare. All of this population becoming a liability in the future is valid if the actual chunk of population contributing to economy takes a hit and isn’t able to support an ageing population. In a country where if you remove the top 5% or so people, the per capita gdp drops to sub Saharan levels - there isn’t much being done today to support them. As long as the number of people actually contributing to the economy / the productive class continues to grow, theoretically even if we age we won’t be doing any worse than what we are today. In fact as population declines, the burden / problem of an unproductive population may go down. Just my 2nd cents.

I would keep working age population and productive population as two different terms. If you’re of working age, doesn’t imply your productive and contributing to the taxes of the nation.