In Zindagi Na Milegi Dobara (ZNMD), Hrithik Roshan's character dreams of retiring at 40, in arguably Bollywood’s first example of FIRE ambitions: Financially Independent, Retire Early.

But in Hollywood's The Intern, Robert De Niro plays a 70 year old widower who joins a startup as an intern — not for money, but purpose.

One kind of hero wants freedom after 40, and the other seeks meaning after 70.

ZNMD was released in 2011, when India’s fertility rate was 2.5. The Intern came out in the US in 2015, when its fertility rate was 1.8. Today, India’s fertility rate is at 1.9, below replacement and closer to the US. More of our movie viewers are older, with the median age in states like Maharashtra, Tamil Nadu and Karnataka between 30-35. Rather than focusing on the dreams of the young, there is talk about a Hindi remake of The Intern.

India has already begun ageing. As fertility rates decline, the share of older people in India's population is rising even as all other groups fall. The share of senior citizens (65+) has gone up from 5% in 2010 to 7% today and will hit 15% by 2050.

This puts pressure on the working population. They face a rising number of dependents, having to take care of their children as well as their parents. The share of this working population in India will peak in less than a decade, in 2034, at 69%.

In this week's Analyticks,

Is India greying early?: A fall in fertility rates is changing India's demographics
Screener: All Stars: High scorers across key metrics

Ageing like fine wine..or not?

Indian society is going through a quiet but significant change. Fewer children are being born, and people are living longer. You can already see the change on both ends of the age spectrum.

Our child population (ages 0-14) has been shrinking since 2010, and declined by 0.85% in 2o24 alone. The fertility rate, number of babies per woman, in India is now below the replacement rate of 2.1, which means that we are not replacing people who die.

As a result, over time the share of taxpayers in India's population will fall, while that of beneficiaries – older generations – will rise. This will put more pressure on government budgets and economic growth.

India has hit lower fertility faster than expected

India has reached below replacement levels at a relatively low per capita income compared to developed economies, but in line with some emerging Asian countries. Economists have some theories: educated women in conservative Asian societies are more reluctant to have children, and support systems for families in these societies are, unlike in Europe, quite limited.

The silver hair impact on GDP

When Indians hear that our population may fall in coming years, the usual response is "Good! The country is too crowded."

That is true, but the transition to a lower population is economically painful. Ageing economies, for instance, grow more slowly. Even if people delay retirement and work for a few more years, it doesn’t offset the drag on growth. European countries, where average ages are 45+, are expected to see an 8% decline in per capita incomes by 2050, even if current employment rates stay the same.

India has benefitted from its young population for decades. It has helped increase average incomes by 0.7 percentage points per year between 1997 and 2023, according to McKinsey. But this demographic dividend won’t last - by 2050, this advantage will shrink to just 0.2 percentage points per year, meaning India can no longer rely on population structure alone to drive growth.

The stock market hit from older people

Working people save some of their income, and after retirement, they use those savings. Younger people invest in equities, but as the population gets older, they prefer safer investments like bonds. They get rid of their loans and probably don’t need another post-retirement. Thus, overall debt levels go down.

The Reserve Bank of Australia found that these patterns hold for both developed and emerging economies. As the working population grows, equity markets and banks benefit. But once the 65+ group dominates, bond markets gain and savings drop.

Then there is the pensions impact. Today, only 12% of India’s population is covered by the formal pension system.  Older states like Himachal Pradesh, Punjab, and Kerala already spend over 20% of their revenues on pensions. These are the ageing states of India.

Are we getting old before getting rich?

Getting older fast is not great news for an emerging economy like India. Like people, economies growing old without enough financial security have a tough time. Unlike rich countries that have ample capital and already built infrastructure, developing countries face multiple challenges: job creation, defence needs, climate adaptation, and ageing. They all need resources.

In India, over 40% of senior citizens are poor, 78% have no pension cover, and only 18% have health insurance. At this pace, India could have 300 million elderly citizens without any pension support by 2050. McKinsey warns that India has a 33-year window to get rich before it gets old. 

Governments are adapting. Japan made long-term care a legal right in 2000. Singapore is building elderly-friendly housing with inbuilt medical and social facilities. China is aggressively developing senior-focused products and services, like chewable health foods, comfortable clothing, and targeted entertainment.

India’s silver economy is still nascent. Older folks contribute about 3% to GDP today, with the potential to add 1.5 percentage points if more seniors rejoin the workforce, according to Rohini Nilekani Philanthropies’ study. 

India is estimated to have the largest working-age population by 2100, followed by Nigeria, China and the US, despite a huge decline in the absolute number of workers. This means India has more time and headroom to prepare for its silver age. But a higher absolute number of working-age people alone won't guarantee growth unless they are productively employed, healthy, and skilled. The clock is ticking.

Screener: All Stars: High scorers across key metrics

All Stars: Top performing stocks with high scores across metrics

Despite the volatility of 2025, which has been marked with trade tensions and the drums of war, some Indian stocks continued to show financial strength and strong performance across metrics. This screener identifies such all-star  stocks that score high across metrics like the DVM scores, Piotroski score, buy-sell zone, checklist scores, and strengths, weaknesses, opportunities & threats (SWOT).

These all-star stocks come from the banking, telecom services, healthcare facilities, internet & catalogue retail, and heavy electrical equipment industries. Major stocks that show up in the screener are Schneider Electric Infrastructure, TVS Motor, Bharat Heavy Electricals, Apollo Hospitals Enterprise, State Bank of India, Adani Ports & Special Economic Zone, ICICI Bank, and Bharti Airtel. 

Schneider Electric Infrastructure’s stock has surged 940% over the past five years. This heavy electrical equipment manufacturer has a good Trendlyne durability score of 90, strong technicals and a high Piotroski score of 8. The firm turned profitable in FY22 with a net profit of Rs 27.6 crore. Since then, its net profit has increased to Rs 267.9 crore in FY25, up 55.7%. Its revenue grew 20.1% to Rs 2,661.3 crore in FY25, helping it achieve a five-year CAGR of 13.8%. The company’s focus on fast-growing segments, including developing data centres, electric vehicles (EVs), semiconductors, and services drove its revenue growth, while falling inflation, higher energy demand, and an improved product mix of products with higher margins helped improve profitability. 

Apollo Hospitals Enterprise also features in the screener after its stock jumped 639.8% over the past five years. This healthcare facilities provider has a good Trendlyne durability score of 80, helped by strong technicals and a healthy Piotroski score of 7. The company’s revenue grew for the past four consecutive years to Rs 19,165.5 crore in FY25, while net profit surged 60.9% YoY to Rs 1,445.9 crore. According to analysts at Geojit BNP Paribas, improvements in the healthcare services, diagnostics & retail health, and offline & online pharmacy segments helped revenue growth. Meanwhile, higher patient occupancy and improved pricing & product mix with higher margins have boosted profits. Its board also approved the demerger of its digital health, pharmacy distribution, and telehealth businesses into a new listed entity, NewCo, on June 30.

You can find some popular screeners here.