Global Trends in Domestic savings and Longevity- Implications for India

Thilak Venkatesan and Venkataraman R
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Thilak Venkatesan: Bharathiar University, Coimbatore, India
Venkataraman R: Presidency College, Kolkata, India

International Journal of Corporate Finance and Accounting (IJCFA), 2019, vol. 6, issue 2, 18-27

Abstract: Demographic dividend and the lowest median age among the earning population propels consumption and growth in India. Among the emerging economies, China had the leverage for growth through exports until 2008. India benefited by demographic dividend and this translates to providing income and thereby increases savings. On the other hand, the developed countries are experiencing problems of an aging economy, a deflationary scenario, and a pension burden. India, with its major workforce in the unorganized and private sector, needs to recognize the need for forward-looking policies that stimulate savings for a better lifestyle post-retirement. The study was focussed on the relationship between longevity (life expectancy), and domestic savings. The research observed divergence between the developed nations and India. A more futuristic policy action is suggested to motivate savings as the increase in population and higher levels of economic growth can be achieved with more domestic savings.

Date: 2019
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