As the number of senior citizens increases – from 10.38 Crore in 2011 to an estimated 17.3 Crore in 2026 and 30 Crore in 2050, the govt is exploring ways to market the thought of ‘Silver Economy’ by developing residential and infrastructure facilities of various grades for senior citizens through public-private partnership for a dignified and safe ageing experience.
The meaning of Silver Economy?
- The Silver Economy is the name used to define the Senior market. It’s also often mentioned because the Seniors’ Market covers all products and services intended for people aged over 60.
- This concept, derived from the so-called silver market that emerged in Japan, — the country with the very best percentage of individuals over 65 — during the 1970s.
- The population ageing process is real and impacts every market and industry, like home accommodation, transport, food industry, insurance, robotics, health and e-health, communications, Internet, sports and leisure.
- All these markets are already adapting to the ageing process.
- The sectors covered include, among others, structures for the elderly, personal services, home help, housing, communication, transport, safety, leisure, hygiene, travel, Mutual insurances, provident institutions and insurers.
What are Opportunities related to Silver Economy?
- New products and services will emerge on the market adapted to the requirements of older people.
- A boost to new professions – The ageing of the population will cause the creation of jobs and therefore, the emergence of careers associated with the silver economy.
- The rise of the senior economy will encourage governments to take a position in solutions that improve health care and, therefore, the elderly’s independence.
The numbers associated with the ageing population in India?
- In 2021-22 average age in India is 29, and really soon an enormous population goes to be an oldster. A “senior citizen” means a person is a citizen of India, who has attained sixty years or above.
- Globally, the proportion of individuals over 65 years aged was 10 per cent in 2012, but it’s expected to leap to 22 per cent by 2050, consistent with estimates by the planet Economic Forum.
- In India, the elderly population is predicted to triple from 104 million in 2011 to 300 million in 2050, accounting for 18 per cent of the entire population in 2050.
- Regarding rural and concrete areas, 71% of the elderly population resides in rural areas while 29 which there’s in urban areas.
- The old-age dependency ratio climbed from 10.9% in 1961 to 14.2% in 2011 for India as an entire. For females and males, the worth of the ratio was 14.9 % and 13.6% in 2011.
The challenges faced by elderly persons in India?
- Isolation and loneliness among the elderly are rising. Nearly half the elderly felt sad and neglected; 36 per cent felt they were a burden to the family.
- The rise in age-related chronic illness like a heart condition, cancer, diabetes, and other chronic diseases that cause more death and illness worldwide than infectious or parasitic diseases over the subsequent few years. This may increase health care costs.
- Mental health issues are rarely discussed.
- The lack of dedicated service and merchandise outlets. Poor implementation of policies, laws and scheme.
- More dependency on children
- Ageing women are more likely to urge excluded from Social Security schemes than lower literacy and awareness levels.
The govt initiatives taken for the ageing population in India?
- India has taken proactive steps to deal with the concerns arising out of the rise in ageing populations like Draft National Policy for Senior Citizens 2020, which seeks to make a robust silver economy that caters to seniors’ new and evolving needs within the country.
- The government also launched the last decade of Healthy Ageing (2020-2030) campaign to supply seniors’ support and ensure quick access to age-specific products and services for them.
- The Ministry of Social Justice has taken some serious steps regarding the rise in oldster population. It recently accompanies a National Action Plan for senior citizens.
- A new senior citizens policy is being framed, and a few amendments within the already existing Acts have also been done.
- Pradhan Mantri Vaya Vandana Scheme – Designed for senior citizens above 60 years aged, the policy term of this Prime Minister oldster Scheme extends to 10 years. The pensioner can choose the frequency of the payment -monthly/quarterly/half-yearly/annually.
- National Programme for the Health Care of Elderly (NPHCE) – This scheme concentrates on preventive and promotive look after the upkeep of overall health.
- Rashtriya Vayoshri Yojana – This scheme provides physical aids and assisted-living devices for older adults above 60 years aged that belong to the BPL (below the poverty line) category. So, if senior citizens wish to avail this, then they need to have a BPL card.
What should be the futuristic approach for this issue?
- The country needs innovative models of finance to drive the silver market and supply tailor-made services to seniors.
- With the increasing requirements, private investment can drive innovation and market growth during this segment. It’s important to market social entrepreneurship to accelerate the expansion of the silver economy.
- The cost of health has to be addressed so that nobody is denied necessary health look after financial reasons.
- Rehabilitation, community or home-based disability support and end-of-life care should even be provided where needed, during a holistic manner, to address the difficulty of failing health among the elderly effectively.
- It is important that the elderly feel included within the goings-on around them, both within the family and society.
- Those involved in elder care, especially NGOs within the field, can play a big role in facilitating this through counselling of the individual, families, sensitization of community leaders and group awareness or group counselling sessions.
- There is a requirement for appropriate economic and social innovation underpinned by adequate policy reform and profound cultural transformation. The govt must play an increasingly important role in bridging the huge gap between investments & expertise needed.
Conclusion
Silver economy is the need of the hour. Soon, India will see an enormous population of older people and need the mechanism to care for them. It’s all about having an integrated approach and searching at this complete issue from the oldster’s attitude. Providing them with an enabling environment and ensuring their constructive engagement is also not just the duty of state but also communities and individuals.
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