To improve the quality of senior care in India, the central government think tank NITI Aayog called for financial and social reforms, such as a reverse mortgage mechanism, Goods and Services Tax (GST) reforms on senior care products, and financial product customisation.
“Specific actions required to ensure financial empowerment and inclusion include reskilling the elderly population, increasing coverage of public funds and infrastructure, and mandatory savings plans for the affording segment,” according to the Aayog.
Increasing capital allocation and liquidity for the senior care sector was another recommendation made by the think tank.
“It is necessary to make sure that elderly people are protected against financial fraud by raising awareness and promoting literacy. Similar to this, targeted interventions for guaranteeing digital inclusion comprise enhancing seniors’ access to digital devices by lowering their cost, emphasising the development of digital literacy, and realising the possibilities of contemporary technology, according to NITI.
Globally, the proportion of adults over 60 has been steadily increasing. According to the report, India is also experiencing exponential growth in the number and percentage of elderly people, along with a decline in fertility (less than 2.0) and an increase in life expectancy (more than 70 years).
The report also stated that by 2050, the elderly in India are expected to make up 19.5% of the country’s total population, or roughly 104 million people, compared to their current percentage of just over 10%.
According to officials, the Centre has been conducting population forecasts over the years and anticipates that India’s population will stabilise at 1.65 billion in its Vision 2047 document, which is currently being prepared.
The paper advocated for bolstering mental health services, emergency response infrastructure and services, and addressing nutrition-related issues through programmes like Poshan Abhiyaan for Senior Citizens, in addition to improvements in primary healthcare through schemes like Ayushman Bharat.
“Integrating AYUSH systems for senior care through preventive, wellness, and therapeutic interventions has great potential to address their health issues in a holistic manner,” said the Aayog.
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