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A change from stable population with high fertility and mortality to a new stability in population due to low fertility and mortality patterns is referred to as a demographic transition. The pace of India's population has slowed in the past few decades; and in the coming years, India will have a large proportion of people in the working ages. Optimists have argued that the resulting demographic dividend (or bonus) will create a smaller dependency load and will generate opportunities for economic growth. On the other hand, the pessimists have stated that India is indeed heading towards a demographic dividend, but challenges exist for economic prosperity if India's policies are not geared towards productive employment for this large working age cohort.