This line is interest as according to this site the average household savings rate in India is 32%. Surely that means more than 20% are saving enough for retirement?
Yes, household saving rate is quite high in India.
However, savings are split for 3 generations.
a) Most people in my generation (age 25-40) support parents in their retirement (my parents generations spend almost everything to raise kids, we are grateful for this)
b) Save for our retirement
c) Save for our child's college education, etc. (Indians feel that children should not make a career choice based on lack of funds. Aah, I will flip burgers because I cant afford college education. If child really wants to attend abc college, then parents will support these expenses, and we save for this.)
Saving for 3 generation at times results in insufficient savings for our retirement.