India's Aging Population: Urgent Need for Robust Senior Care Policies

India faces a critical need for comprehensive elderly care policies. The current industry, valued at USD 7 billion, has gaps in infrastructure and emergency response. With the aging population projected to rise significantly by 2050, integrating seniors into the workforce and addressing the care economy, especially for women, is imperative.

India's rapidly aging population underscores the urgent need for a comprehensive policy framework to address the growing care demands of its elderly citizens, according to the Economic Survey tabled in Parliament on Monday. The survey, along with insights from a NITI Aayog position paper, highlighted critical gaps in infrastructure, research, and emergency response systems within the country's USD 7 billion elderly care industry.

Utilizing the 'silver dividend'—the untapped work capacity of individuals aged 60 to 69—could significantly boost the economy. An Asian Development Bank (ADB) report suggests that integrating seniors into age-friendly jobs and lifelong learning could increase GDP by 1.5 per cent for Asian economies. Suitable job roles can offer social engagement and financial security to the older population while reducing overall care needs.

India's shift in demographics indicates a significant rise in care needs over the coming decades. Currently, the elder population is 14.7 crore, set to rise to 34.7 crore by 2050. The country must prepare to care for 64.7 crore individuals by then, up from 50.7 crore in 2022, according to the United Nations Population Fund (UNFPA). The NITI Aayog position paper emphasized developing a care economy that supports female labor force participation (FLFP), as the burden of unpaid care work on women restricts their employment opportunities. Addressing this imbalance could improve FLFP and promote workforce fairness and efficiency.

The ADB's 'Ageing Well in Asia' report highlights the anticipated rise in old-age dependency ratio from less than 20 per cent in 2022 to over 30 per cent by 2050, necessitating early dialogues on senior care policies. The India Ageing Report 2023, by UNFPA and the International Institute for Population Sciences, noted a significant portion of the elderly population suffers from chronic diseases and low life satisfaction, with increased feminization and ruralization linked to poverty and loneliness. Policies should support elderly people living in multigenerational homes and provide in situ (at home) aging through short-term care facilities.

As India aims to be a developed economy by 2047, addressing the care needs of its aging population is crucial. A structured elderly care policy can ensure the well-being of seniors and leverage their contributions to the economy, according to the Economic Survey.

(With inputs from agencies.)