New Delhi, Sept. 8 -- Rapidly growing senior citizen population presents a major challenge and an economic opportunity for India, with the government working to create a comprehensive ecosystem of healthcare, housing, caregiving and other support services for the elderly.
"Senior citizens today constitute a very large section of our country's population, and the number of senior citizens is increasing very rapidly. At present, their estimated population is around 16-17 crore. Over the next 20-22 years, it is likely to double," said Sudhansh Pant, Secretary in the Ministry of Social Justice and Empowerment.
He said life expectancy has increased significantly and continues to rise every year due to improvements in medical facilities and living standards, making it necessary to meet the diverse needs of the growing elderly population.
"To ensure access to good healthcare, under Ayushman Bharat PM-JAY, free treatment has been provided to all senior citizens aged 70 years and above, with coverage of up to Rs 5 lakh per year," Pant said.
The Ministry of Social Justice and Empowerment is operating around 800 care homes for senior citizens across the country and providing assistance to state governments to run such facilities, he said.
"There is also a proposal under consideration to include provisions for running a day care home in the policy," Secretary Pant said.
He said various facilities and schemes for senior citizens are being implemented by different departments of the Centre and states, and the ministry has launched the 'Jeevan' app to make such facilities available at a single location.
"There is also a need for caregivers who can provide services to elderly people, particularly in large cities. For this purpose, the ministry has launched an app called Shatayu dashboard for caregivers, which will enable matching between those who need caregivers and those who provide such services," Pant said.
"Those who require a caregiver can go to the dashboard and find out which caregivers are available in their area and then enter into an arrangement with them," he added.
The demographic challenge is also creating a sizeable economic opportunity.
According to the ASLI-JLL report, India's Silver Economy: From Niche to Necessity, the country's senior living market could become a USD 10.1 billion opportunity by 2030 under a policy-driven scenario, requiring around USD 7.7 billion in capital investment to meet new supply.
"India's ageing transition is no longer a distant demographic story - it is unfolding before us. With over 166 million Indians aged over 60 today, a number projected to double by 2050, we need to build the ecosystem for ageing now," said Rajagopal G, Chairman, Association of Senior Living India (ASLI).
Published by HT Digital Content Services with permission from Millennium Post.