Which of the following best describes the concept of "Silver Economy"?
It refers to the development of the mining sector with special focus on precious stones, such as gold and silver.
Incorrect AnswerIt refers to the development of the economy with special focus on meeting the needs of the ageing population.
Correct AnswerIt refers to the development of the economy with special focus on women empowerment.
Incorrect AnswerIt refers to the development of the bond market with special focus on the Gold and Silver Exchange Traded Funds (ETFs).
Incorrect AnswerExplanation:
Explanation: The Silver Economy refers to the system of production, distribution and consumption of the goods and services, aimed at utilising the purchasing potential of the ageing population, as well as satisfying their consumption requirements, and living essentials and healthcare needs. Examples:
o Health Care Sector: Higher focus on the senior citizens will lead to: (a) Improve health care infrastructure; and (b) Creation of more jobs as doctors, nurses, pharmacists etc.
o Financial Sector: Development of the financial institutions to cater to banking, insurance and pension. For example, dedicated Microfinance institutions (MFIs) to provide small value loans to the senior citizens. o
Hospitality, Travel and Tourism: Development of religious tourism circuits for the senior citizens would provide fillip to the hospitality industry and benefit the local economy.
o IT Sector: Development of technological tools, such as home automation, smart watches, telemedicine, database management (The Ayushman Bharat Digital Mission), home delivery of medicines etc.
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By: Parvesh Mehta