Speaking at a seminar, `Towards a society for all ages with focus on the elderly in India,' organised by the Population Foundation of India, he said, "Pension funds will function under the watchful eye of a strong regulatory authority which lays down the investment norms and provide strong safeguards."

The population of India is projected to grow from 84.6 crore in 1991 to 126.3 crore in 2016, Pant said. "Over the next two decades, at the national level, there will be a reduction in the proportion and number of children under 14, a massive rise in the number of persons in the 15-59 age-group, and a small but significant increase in the population of those above 60 years of age."

Pointing out that there would besubstantial differences between states in the rate of demographic transition, size of the population and age structure, Pant said the relative emphasis in application of policies will vary from state to state.

"The decade between 1996 and 2006 is expected to witness a reduction in the under-10 child population from 24.3 crore to 21.9 crore. For the first time in several decades, there will be a respite from the ever-growing numbers," the Plan panel chief said. The next decade will witness a massive increase in the numbers of adolescents in the 10-19 age-group, from 20 crore to 23.9 crore, he said, adding that this group has received very little attention in the past.