Silver Economy: Govt’s focus on ‘silver economy’ as number of elders rises | India Business News – Times of India

NEW DELHI: With India’s elderly population expected to triple from 10Un4 million in 2011 to 300 million by 2050, accounting for 18% of the total population, the government is exploring ways to promote the idea of “silver economy” by developing residential and infrastructure facilities of different grades for seniors through public-private partnership for a dignified and safe aging experience.
The ministry of social justice and empowerment (MSJ&E) is considering the recommendations of an Expert Group which calls for making senior care both economically viable and an opportunity for economic development.
It stresses on the need for recognising senior care as a sector with appropriate regulations and standards, policy support, tax structures, availability of subsidised financing and appropriate governance mechanisms.

The Group says that flexible models for careers can encourage people to work longer and coupled with life-long re-skilling and adoption of smart work practices, this labour force can lead to greater productivity and economic growth.
It has set out a vision for “model senior care” PPP projects in which states can allocate land and funds to build capacity to take care of seniors, including those from the weaker sections.
The ministry is also studying reports of expert groups on subjects ranging from financial security, livelihood and income generation, shelter, skilling and re-skilling, health care and nutrition, awareness and capacity-building. If the annual budget estimates for each scheme and initiatives proposed by working groups are added, it would require an investment of over Rs 4000 crore.
The recommendations will be placed before an inter-ministerial panel led by the secretary social justice and empowerment in January to approve projects that can be implemented under the ‘Senior Citizen Welfare Fund’.