We are many, we are one: Ambi Parameswaran on India’s population milestone

The classifications for India are necessarily different. As far as I can see, there is a generation before Independence (1915 to 1935); the first post-independence generation, or Midnight’s Children (1936-50); post-Independenceists (1951-71); The Angry Generation (1972-89); post-liberalization generation (1990-2005); and the millennial or internet generation (2005-2020).

Each of these brings with them memories of the India they grew up in, and those memories shape the way they grow, behave, and live. As India approaches the new milestone of being the most populous country in the world, what will this 1.42 billion figure include?

With life expectancy increasing, the number of people over 60 years old will skyrocket over the next decade, from 138 million in 2021 to 194 million in 2031. Their worldview and views of India will be vastly different from theirs. old world. of the millennial generation. Some of their stories about growing up in a war-torn country may sound far-fetched to a 25-year-old, for example.

I remember my uncle told a story about how he went to a Fiat/Premier showroom in the 1970s to order a new car. He brought a check for $35,000 as full advance payment. The dealerships are mostly empty. It was 4:30 pm and the manager had left for the day. Send the check to the cashier, he told my uncle. The cashier replied that the books were closed and checks could not be accepted.

My uncle is persistent. The cashier won’t budge. Finally, in frustration, the latter is said to have said, “Mr Subramanian, why are you so insistent? You’ll only get your car in 15 years, so what difference does it make if I accept the check today or tomorrow?” It’s about time in line for a new car.

Fast-forward about 20 years and capture an incredible memory from my own working life. We were looking for a larger office in Hyderabad in 1992. We were zooming in on a specific area of ​​the city for a very specific reason. What is it? I often ask this question in my branding and management talks, and I get countless answers: it’s near the airport, it’s near the client’s office, it’s downtown.

It is not one of these. The criteria we use is: how fast can we get a landline. In most of Hyderabad, people had to wait 5 years for landlines at that time. The story sounds strange to a 25-year-old today. That is what has changed in 30 years for India to go from a population of about 900 million people to where it is today.

Meanwhile, today’s 25-year-olds organize their lives in ways that seem unbelievable to those who have spent most of their lives in this other India. They borrow money and set up businesses, jump into the unknown with courage, accept change and failure, consume and discard volumes and patterns that simply don’t exist in front of them.

Lending money was considered taboo until the 1980s. Indian films paint a bleak picture of loan sharks and say almost nothing about banks. Then home loans became accepted and HDFC (Housing Development Finance Company) managed to exploit this trend, becoming the first privately owned giant in the space. this time.

As an India with more and more companies has grown, a large middle class has grown, loans have become a necessary first step; No generational wealth financed many dreams in the 1980s and ’90s. These are often first generation asset holders such as homes and cars.

Credit card companies, who profit by revolving credit, remain frustrated, as most people shy away from this concept of swiping cards and early adopters have paid their bills in full. month. Some have even found a way to maximize their credit base by timing purchases to sync with the billing cycle so they don’t pay interest.

That was then. Today, more and more products and services are offered by credit. From two-wheelers to TVs, holidays and weddings. Living bigger than life is the norm, with homes priced as a result $1 core and $2 crore easily sold in major cities. Do everyone who buys them earn eight-figure salaries? Are not. But they believe that one day they will. Such aspiration forms the backbone of most dreams in India today.

India now includes people who have lived through queues and those who have never seen queues until the pandemic. Those who avoid borrowing and splurging on “luxury” things like planes and air conditioners, and those looking to leapfrog tomorrow with purchases made today.

Some new concepts are accepted across all age groups; See how digital payment systems have evolved with over 500 million smartphone users using UPI enabled platforms. Social media has also been adopted for generations.

Culture and religion form a rope that seems to bind all Indians. In temples, mosques and churches, at festivals and processions, the young outnumber the old.

They have much to instill in each other. Older generations can teach young people the importance of saving; young people can teach older people the importance of letting their hair down and living for today (at least once in a while). They pray together, and that is a sign of health; We can all benefit from praying together.

The coming decades will pose new challenges, including widening income disparities, climate change, the water crisis and growing demand for education and healthcare. It is hoped that the many generations that call India home will be able to influence each other and find a better balance for a better tomorrow.

(Ambi Parameswaran is the author of 11 best-selling books and an independent brand coach.)