Key Points
Government think tank NITI Aayog has pitched for tax reforms, mandatory saving plan, and housing plan for elderly in India, as the population of senior citizens is projected to reach 19.5 per cent of the countrys population by 2050...
In a report titled Senior Care Reforms in India - Reimagining the Senior Care Paradigm, NITI Aayog said a national portal for senior care must be developed for senior citizens to provide easy access of services to them...
Since the social security framework in India is limited, most seniors depend on the income generated from their savings. Variable interest rates result in the erosion of their income, sometimes even below sustenance levels...
The report also suggested that the government should reassess the reverse mortgage mechanism to increase liquidity for seniors and by making necessary amendments to the current reverse mortgage rules.. Tax and GST reforms, etc., on senior care products (needed) to increase the ease of adoption and safeguard the elderly population from the financial burden, the Aayog said.. Population ageing is a global phenomenon, and the number of people over 60 years of age has been rising rapidly across the world...
Noting that catering to the needs of the elderly population of this size is challenging, the report said it also presents an opportunity for the growth of the senior care industry, which is estimated at USD 7 billion (Rs 57,881 crore)...
You might be interested in
Focus on upcoming Budget: Policy in the works on finance, health support for elders
23, Jun, 24India is considering policy measures for senior care, including expanding healthcare access through Ayushman Bharat, revising pension under the Indira Gandhi scheme, and providing healthcare under NPHCE.
NITI Aayog calls for financial and legal reforms for elderly care in India
20, Feb, 24The move is aimed at ensuring that a basic support system is put in place to cater to the needs of Indias ageing population which is expected to go up from 10% now to 19.5% by 2050. It is of the view that while catering to the needs of the elderly population of this size is challenging, it also presents an opportunity for the growth of the senior care industry, which is presently estimated at Rs 57,881 crore
India's elderly population to double by 2050, surpassing number of children, warns report
28, Sep, 23India's elderly population is predicted to double to 20.8% by 2050, with the number reaching 36% by the end of the century, according to a report by the United Nations Population Fund and the International Institute for Population Sciences.
Elderly to form 36% of population by century-end: Report
28, Sep, 23People above 60 will constitute a fifth of India’s population by the middle of the century, the report said. | Latest News India
India to lose its demographic edge by 2046, elderly to outnumber youth: UN
28, Sep, 23The UN report said women will live longer than men, due to which the number of older women will be more than older men. A large number of them will be rural women
India’s elderly population to double by 2050, will exceed children by 2046, says UNFPA report
27, Sep, 23UNFPA’s ‘Caring for our elders: Institutional response-India Ageing Report 2023’, released Wednesday, says one in five people will be aged over 60 in southern states by 2036.