BIG PICTURE SUMMARY

TOPIC OF THE DAY – SILVER ECONOMY

Syllabus- Speakers-
GS 1- Indian Society 1. 1- Dr. Veerendra Mishra, Director, MoSJ&E
GS 2 – Govt policies, development processes 2. Anupama Dutta, Head Advocacy, Help Age India
GS 3 – Indian economy 3. Urmi Goswami, Assistant Editor, Economic Times
CONTEXT
As the number of senior citizens increase – from 10.38 Crore in 2011 to an
estimated 17.3 Crore in 2026 and 30 Crore in 2050, the government is exploring
ways to promote the idea of ‘Silver Economy’ by developing residential and
infrastructure facilities of different grades for senior citizens through public-
private partnership for a dignified and safe aging experience
What is Silver Economy?
• The Silver Economy is the name used to define the Senior market. It is also often referred to as the
Seniors’ Market and covers all products and services intended for people aged over 60 years.
• This concept, derived from the so-called silver market that emerged in Japan, — the country with the
highest percentage of people over 65 — during the 1970s.
• The population ageing process is real and impacts every market and industry, such as home
accommodation, transport, food industry, insurance, robotics, health and e-health, , communications,
Internet, sports and leisure.
• All these markets are already adapting to 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.
Opportunities of Silver Economy
• New products and services will emerge on the market adapted to the needs of
older people.
• A boost to new professions - The ageing of the population will lead to the
creation of jobs and the emergence of careers related to the silver economy.
• The rise of the senior economy will encourage governments to invest in
solutions that improve health care and the independence of the elderly.
The numbers
• In 2021-22 average age in India is 29, and very soon a huge population is going to be a senior
citizen. A "senior citizen" means any person being a citizen of India, who has attained the age
of sixty years or above.
• Globally, the proportion of people over 65 years of age was 10 percent in 2012 but it is expected
to jump to 22 percent by 2050, according to estimates by the World Economic Forum.
• In India, the elderly population is expected to triple from 104 million in 2011 to 300 million in
2050, accounting for 18 percent of the total population in 2050.
• As regards rural and urban areas, 71% of elderly population resides in rural areas while 29 % is
in urban areas.
• The old - age dependency ratio climbed from 10.9% in 1961 to 14.2% in 2011 for India as a
whole. For females and males , the value of the ratio was 14.9 % and 13.6% in 2011.
Challenges faced by elderly persons
• Isolation and loneliness among the elderly is rising. Nearly half the elderly felt sad and
neglected, 36 per cent felt they were a burden to the family.
• Rise in age-related chronic illness such as heart disease, cancer, diabetes, and other chronic
diseases that cause more death and illness worldwide than infectious or parasitic diseases over
the next few years. This will increase the health care costs.
• Mental health issues are rarely discussed
• the lack of dedicated service and product outlets. Poor implementation of policies, laws and
scheme.
• More dependency on children
• Ageing women are more likely to get excluded from social security schemes due to lower
literacy and awareness levels.
Government initiatives for ageing population
• India has taken proactive steps to address the concerns arising out of the increase in ageing populations such as Draft
National Policy for Senior Citizens 2020, which seeks to create a strong silver economy that caters to the new and evolving
needs of seniors in the country.
• The government also launched the Decade of Healthy Ageing (2020-2030) campaign to offer support to seniors and ensure
easy access to age-specific products and services for them.
• The Ministry of Social Justice has taken some serious steps regarding increase in senior citizen population. It has recently
come with a National Action Plan on senior citizens.
• A new senior citizens policy is being framed and some amendments in the already existing Acts have also been done.
• Pradhan Mantri Vaya Vandana Scheme - Designed for senior citizens above 60 years of age, the policy term of this Prime
Minister Senior Citizen Scheme extends to ten 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 as well as
promotive care for the maintenance of overall health.
• Rashtriya Vayoshri Yojana - This scheme provides physical aids and assisted-living devices for older adults above 60 years
of age that belong to the BPL (below the poverty line) category. So, if senior citizens wish to avail this, then they must have a
BPL card.
 Way Forward
• The country needs innovative models of finance to drive the silver market and provide tailor-made services to
seniors.

• With the increasing requirements, private investment can drive innovation and market growth in this segment. It
is important to promote social entrepreneurship to accelerate the growth of the silver economy.

• The cost of health has to be addressed so that no person is denied necessary health care for financial reasons.
Rehabilitation, community or home-based disability support and end-of-life care should also be provided where
needed, in a holistic manner, to effectively address the issue to failing health among the elderly.

• It is important that the elderly feel included in the goings-on around them, both in the family as well as in society.
Those involved in elder care, especially NGOs in the field, can play a significant role in facilitating this through
counselling of the individual, of families, sensitization of community leaders and group awareness or group
counselling sessions.

• There is a need for appropriate economic and social innovation underpinned by adequate policy reform and
profound cultural transformation. The government needs to play an increasingly important role in bridging the
massive gap between investments & expertise needed.
Conclusion
• Silver economy is the need of the hour. In near future India will see a huge
population of elder people and will need the mechanism to take care of them. It
is all about having an integrated approach and looking at this entire issue from
the perspective of senior citizen. Providing them an enabling environment and
ensuring their constructive engagement as well is not just the duty of
government but of communities and individuals also.
THANK YOU
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