Challenges and opportunities related to the growing elderly population in India

Source: The post challenges and opportunities related to the growing elderly population in India has been created, based on the article “India’s ‘silver dividend’, challenge to opportunity” published in “The Hindu” on 1st October is 2024

UPSC Syllabus Topic: GS Paper 2- Governance-mechanisms, laws, institutions and Bodies constituted for the protection and betterment of these vulnerable sections.

Context: The article discusses the challenges and opportunities related to the growing elderly population in India and China. It emphasises the need for healthcare reforms, financial support, social inclusion, and digital adaptation. It highlights the potential of a “silver economy” focused on elderly consumers and services.

For detailed information on Challenges Faced by Older People in Indiaread this article here

What are thechallenges related to the growing elderly population in India?

1. Health Issues: About 75% of elderly people suffer from chronic diseases, and a third display depressive symptoms, increasing their health-care consumption to $7 billion.
2. Daily Living Limitations: One-quarter of the elderly face limitations in daily activities, impacting their quality of life.
3. Economic Insecurity: Many elderly people face financial challenges, especially due to healthcare costs, with a need for innovative insurance products like ₹5 lakh coverage for those over 70.
4. Social Exclusion: The elderly often experience social isolation and need better awareness of legal safeguards for inheritance and succession.
5. Digital Exclusion: Low digital adaptation excludes the elderly from accessing schemes and benefits, highlighting the need for targeted digital literacy programs.

What are theopportunities related to the growing elderly population in India?

1. Health and Wellness Industry Growth: The elderly population’s healthcare consumption, currently valued at $7 billion, is increasing, presenting opportunities for health and wellness-driven businesses. Around 75% of the elderly have chronic illnesses, creating demand for healthcare services.
2. Silver Economy Expansion: The silver economy is worth ₹73,082 crore and is expected to grow further. With 60-plus individuals constituting 13.2% of the population by 2031, this segment can drive economic activities, including health technology and utility infrastructure.

What Should be Done?

1. Healthcare reforms: Expand services like tele-consultation and strengthen the healthcare workforce. Currently, elderly healthcare consumption stands at $7 billion. Around 75% of the elderly have chronic ailments, requiring comprehensive care like the Ayushman Arogya Mandir (AAM).
2. Financial security: Introduce tailored insurance products like ₹5 lakh coverage for individuals over 70. Innovative investment schemes can help reduce financial burdens, especially due to healthcare costs.
3. Social inclusion: Create peer support groups and educate the elderly about legal rights, inheritance, and protections. This will enhance their confidence in handling difficult situations.
4. Digital adaptation: Encourage digital literacy among the elderly. Their low engagement with digital services prevents access to schemes and benefits.
5. Leverage the silver economy: The elderly, with consumption worth ₹73,082 crore, can drive economic growth in health and wellness sectors. Programs like Senior Able Citizens for Re-Employment in Dignity (SACRED) and Senior care Ageing Growth Engine (SAGE) support this initiative.

Question for practice:

Examine the challenges faced by the growing elderly population in India and the opportunities presented by the “silver economy.”