Pitches for increase in retirement age to match rise in life expectancy

In his Economic Survey for 2018-19, presented on Thursday, Chief Economic Adviser KV
Subramanian has drawn up a blueprint to make India a $5-trillion economy by 2024-25.
This, the survey says, can be done by pushing investment (especially in the private domain),
promoting exports, nourishing MSMEs, and ensuring policy consistency. Achieving that target
will require the GDP to grow by at least 8 per cent in real terms for the next few years, it says.
The survey pegs the growth rate for the current fiscal at 7 per cent, marginally up from the five-
year low of 6.8 per cent in the previous fiscal. With the fiscal deficit and inflation in check,
macro-economic stability has been maintained, it notes.
A rise in retirement age for most of India’s working population from the current 60 years seems
inevitable due to an increase in life expectancy, according to the survey. The population is
expected to grow under 0.5 per cent during 2031-41 due to a decline in fertility rate and increase
in life expectancy, it says. “Since an increase in the retirement age is perhaps inevitable, it may
be worthwhile signalling this change well in advance..