Yes, you're going to burn a few more percentage points of GDP during a window of time on caring for the elderly vs other progress producing activities, but such is the cost of reaching a population equilibrium with sustainable resource consumption.
Managing an old population is another issue and an issue everyone will have to come to terms with and manage at some point.
Consumption is another thing now. Power demand is rising rapidly. Air conditioning is becoming rapidly widespread, and given India's summer heat and humidity - it's understandable.
However, when it comes to per capita consumption and investment in cleaner technologies India honestly is not that behind. I won't be surprised to see the majority of India running on EVs in two decades with wind/solar/nuclear providing most of the power.
[1] https://en.wikipedia.org/wiki/List_of_states_and_union_terri...
The reality is that China and Japan are barreling towards a too many old people crises, as is India.
I come from Bengal, and my state, and city specifically have had a TFR below 1.8 for twenty years now. Combine that with out migration and we already have a problem there.