Context

The increasing number of elderly individuals is a global issue, but India and China—being the world’s two most populous countries—face this challenge more acutely due to their large populations. As life expectancy rises, this concern becomes even more pressing. It's essential to turn this challenge into an opportunity by implementing reforms that address the changing needs of this demographic. Evidence suggests that it is not only the sheer size of the elderly population that requires focus, but also the quality of their lives that calls for attention and intervention.

Overview

According to MacroTrends, the United Nations estimates that India's life expectancy for 2024 will be 70.62 years, marking a 0.29% increase from 2023. In 2023, the life expectancy was 70.42 years, which represented a 0.33% rise from 2022.

India's working-age population has been increasing since 1971 and is anticipated to reach 64.4% in the upcoming Census, as reported by SBI Research. This figure is projected to rise further to 65.2% by 2031. Meanwhile, the elderly population is also on the rise, expected to reach 10.7% in 2024 and 13.1% by 2031.

Rising Health Care Consumption and Reform

• The health care expenditures of the elderly population, currently estimated at $7 billion, are on the rise. In India…
  • this increase is largely due to the fact that three-quarters of seniors suffer from at least one chronic illness, with a quarter facing challenges in daily activities.
  • Additionally, one-third of elderly individuals experience depressive symptoms and low life satisfaction. These challenges, combined with economic insecurities, highlight the urgent need for reforms in senior care to enhance their well-being.
• Some reform initiatives must take a multi-sectoral approach, addressing health, social, economic, and digital aspects to integrate the elderly into the evolving environment. Empowering seniors through improved health literacy for both them and their caregivers is crucial. In this context…
  • the initiative to provide comprehensive health care at health and wellness centers, as part of the renewed Ayushman Arogya Mandir (AAM) mission, represents a promising step forward.
  • This initiative incorporates preventive, promotive, curative, and rehabilitative components through various systems such as Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy (AYUSH).
• To better serve the elderly, it is vital to strengthen health care infrastructure by expanding teleconsultation services, enhancing the skills of the workforce focused on senior care, and building the capacity of existing staff.
  • This comprehensive approach should include mental health services and nutrition-related support, facilitating access to health care for senior citizens despite economic constraints and specific needs.
  • Overall, this holistic package aims to operationalize senior care through preventive, wellness, and therapeutic interventions.

Addressing Financial Insecurities

• Social inclusion for the elderly can be enhanced by raising community awareness about their needs and establishing peer support groups for interaction. It's also essential to educate them about their entitlements and legal protections concerning inheritance and succession, which can empower them to navigate difficult situations.
• To tackle economic and financial insecurities, innovative schemes specifically designed for the elderly should be developed…
  • focusing on investments that alleviate their financial burdens, particularly from health care costs. For instance, well-structured insurance products offering ₹5 lakh coverage for individuals over 70 years could provide significant relief.
  •  Additionally, reskilling the younger population, who are also aging, to engage in the labor market can help maintain the economic independence of seniors.
• Finally, integrating the elderly into the expanding digital landscape is crucial for their access to various schemes and services.
  •  Current digital adaptation among the elderly is lacking, which limits their participation in beneficial programs.
  • Therefore, initiatives aimed at encouraging both the current elderly population and younger individuals to embrace digital technologies should be prioritized, especially in financial services and care delivery.

As an Economic Segment

• Recognizing the potential of the silver economy: Beyond the five-point care reform for seniors, transforming the emerging challenge into an opportunity involves recognizing the potential of the silver economy, which encompasses economic activities and services tailored for the elderly.

• • This sector is currently valued at ₹73,082 crore and is expected to expand significantly.
  • With the population aged 60 and over projected to represent 13.2% by 2031 and 19% by mid-century, seniors will emerge as a major consumer segment, often the wealthiest, as those aged 45-64 tend to have the highest incomes.
  • This supports the notion that "they become rich before they grow old." Given that health care accounts for about one-third of their overall consumption, this demographic could drive growth in health and wellness businesses in India.
  • Overall, the silver economy is poised for growth both in India and globally, offering opportunities for innovation in health technology and infrastructure to address age-related challenges.
• In light of this reality, the government is taking steps to support the silver segment, such as…
  •  launching the Senior Able Citizens for Re-Employment in Dignity (SACRED) portal to connect seniors with job opportunities in the private sector.
  • Additionally, the Senior Care Ageing Growth Engine (SAGE), initiated by the Ministry of Social Justice and Empowerment, aims to promote and incentivize products for senior care.

Conclusion

addressing the needs of India's growing elderly population requires comprehensive reforms in healthcare, financial security, and social inclusion. By leveraging the potential of the silver economy and implementing supportive initiatives like SACRED and SAGE, India can transform challenges into opportunities, enhancing the quality of life for seniors and fostering a more inclusive society.

Source: The Hindu