Context: In this episode of the Perspective Prog. based on Silver Economy: Challenges & Opportunities. India’s elderly population is on the rise, and as per surveys, the share of elders, as a percentage of the total population in the country, is expected to increase from around 8.6% in 2011 to almost 12.5% by 2026, and surpass 19.5% by 2050. 

• Given this sharp rise there is an urgent need to create a more robust eldercare ecosystem in India, especially in the post-COVID phase. The government is exploring various ways to promote the idea of silver economy. 
• Based on the recommendations of the Expert Group on silver economy, a scheme has been launched to promote private enterprises that bring out innovation in products and processes for the benefit of the elders. This project is known as Senior Aging Growth Engine or SAGE and it will identify, evaluate, verify and aggregate the needs of elder persons to deliver products, solutions and services. 
• Another portal SACRED- Senior Able Citizens for Re-Employment in Dignity, recently launched by Vice President M Venkaiah Naidu will connect the senior citizens with job providers in the private sector. 
• An initial sum of 100 crore rupees has been allocated for evaluating and promoting the Silver Economy in India out of which nearly Rs. 25 crore has been assigned for use in FY2021-22. Initial estimations suggest that at present the Silver Economy is worth approximately 73,082 crore rupees.

THE 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 sectors 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 THE SILVER ECONOMY

• Silverisation of sectors: New products and services will emerge on the market adapted to the needs of older people. To achieve this, it will be important to rely on gerontechnology, which is the area of technology that studies human ageing.
• 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, for example in the area of care for the elderly.
• Investment in strategic plans: The rise of the senior economy will encourage governments to invest in solutions that improve health care and the independence of the elderly.

ISSUE OF AGEING POPULATION IN INDIA

• A "senior citizen" means any person being a citizen of India, who has attained the age of sixty years or above.
• According to Population Census 2011 there are nearly 104 million elderly persons (aged 60 years or above) in India; 53 million females and 51 million males. A report released by the United Nations Population Fund and Help Age India suggests that the number of elderly persons is expected to grow to 173 million by 2026.
• Both the share and size of elderly population is increasing over time. From 5.6% in 1961 the proportion has increased to 8.6% in 2011. For males it was marginally lower at 8.2%, while for females it was 9.0%.
• 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.
• A study by the Confederation of Indian Industry (CII) reveals that the elderly population in India is expected to 300 million in 2050, accounting for 18 percent of the total population in 2050. 

Problems of elderly population in India

• 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

• Heart disease, cancer, diabetes, and other chronic diseases will cause more death and illness worldwide than infectious or parasitic diseases over the next few years.
• In developed nations, this shift has already happened. Dementia and Alzheimer’s disease are expected to almost double every 20 years, as life expectancy increases.

Special challenges for less developed nations

• Poorer countries will carry the double burden of caring for older people with chronic diseases, as well as dealing with continued high rates of infectious diseases.

Increasing need for long-term care

• The number of sick and frail elderly needing affordable nursing homes or assisted living centers will likely increase.

Rise in the Health care costs

• As older people stop working and their health care needs increase, governments could be overwhelmed by unprecedented costs.
• While there may be cause for optimism about population aging in some countries, the Pew survey reveals that residents of countries such as Japan, Italy, and Russia are the least confident about achieving an adequate standard of living in old age.

Elderly women issues

• They face life time of gender-based discrimination. The gendered nature of ageing is such that universally, women tend to live longer than men.
• In the advanced age of 80 years and above, widowhood dominates the status of women with 71 per cent of women and only 29 per cent of men having lost their spouse.
• Social mores inhibit women from re-marrying, resulting in an increased likelihood of women ending up alone.
• The life of a widow is riddled with stringent moral codes, with integral rights relinquished and liberties circumvented.
• Social bias often results in unjust allocation of resources, neglect, abuse, exploitation, gender-based violence, lack of access to basic services and prevention of ownership of assets.
• Ageing women are more likely to get excluded from social security schemes due to lower literacy and awareness levels.
• Ageing individual is expected to need health care for a longer period of time than previous generations but elderly care for a shorter period of time.

INITIATIVES FOR AGEING POPULATION

• India has taken proactive steps to address the concerns arising out of the increase in ageing populations. 
• One such step is the 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. 
• Besides, the government recently 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.
• 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.
• Indira Gandhi National Old Age Pension Scheme (IGNOAPS): Specially intended for older adults above the age of 60 years, who fall below the poverty line.
• 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.
• SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal: It has been launched with a view to help such persons who are interested in entrepreneurship in the field of providing services for elderly care.
• Integrated Programme for Older Persons (IPOP): The main objective of the scheme is to improve the quality of life of older persons by providing basic amenities like shelter, food, medical care and entertainment opportunities, etc.

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.