India's Elderly Population to Triple by 2050: Challenges and Opportunities
India's elderly population is set to triple by 2050, reaching 300 million and accounting for 18% of the total world population. This rapid urbanization and migration present challenges in providing proper care, finances, and housing for this growing demographic.
The Confederation of Indian Industry (CII) is actively working to build bridges between private and public institutions to address these needs. The private sector is stepping in to offer senior-friendly living spaces, medical benefits, and entertainment activities. However, more research and development are required in geriatric health, senior-friendly urban infrastructure, and personal care services.
A longer lifespan brings opportunities for further education, re-employment, and pursuing passions, depending on health. Globally, the proportion of people over 60 years old is expected to double by 2050, from 12% to 22%. Appropriate elderly care requires attention from both public and private sectors. In India, the government provides pensions for the elderly below the poverty line, with the Supreme Court recently requesting an increase in the amount. The global elder care services market is projected to reach USD 1767 billion by 2025, growing at a CAGR of 8.4%.
As India's elderly population grows, so does the need for comprehensive care and support. Collaboration between public and private sectors, along with targeted research and development, will be crucial to meet these challenges and ensure a high quality of life for the elderly.
