Of course it is possible to debut at 35-40, but I mean they'll have to make their debuts in bit roles or character roles (which is fine). The more pertinent question to ask here is: how many stories does Bollywood tell that center around the thirty five - forty year old age group, especially women? Not many, hardly any is the answer.
Streaming platforms can and are (slowly but surely) changing this though, so there's some hope and opportunities for the more mature actors. 👍🏼
Also when the 55-year-olds quit playing 35-40-year-olds on screen and start playing their own age, there sure will be more space for the actual 35-40-year-olds to debut.
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