India's burgeoning silver economy offers tremendous growth potential for health and wellness-focused enterprises

India is undergoing a rapid demographic transition, with the elderly population (60 years and above) projected to more than double from100 million in 2011 to 230 million by 2036, according to an official report. This evolution indicates that by 2036, nearly one in seven Indians will be aged 60 years or older, representing a fundamental restructuring of the country's population composition. Keeping this transition in mind, India has adopted multiple policies, programmes and legal provisions to address the challenges arising from declining fertility and rising life expectancy rates.

The country's silver economy is valued at approximately seventy-three thousand crore rupees in 2024, with projections indicating substantial multi-fold growth in the years ahead. Research identifies senior citizens, along with professionals in the 45 to 64 age bracket, as the 'wealthiest age cohort' globally. The senior care segment in India offers tremendous growth potential for health and wellness-focused enterprises. This burgeoning silver economy creates substantial opportunities for businesses and organisations dedicated to addressing the needs and preferences of the elderly demographic. The market is poised for rapid expansion both domestically and internationally, presenting considerable scope for innovation and development within this sector.

A comprehensive senior care system demands prioritisation of elderly needs through public-private collaboration across the healthcare ecosystem. Fundamental actions include recognising senior care as a specialised sector with requisite regulations and standards, implementing policy and regulatory reforms anchored in clear evaluation frameworks, and strengthening coordinated approaches among concerned Ministries and Departments. The framework must harness diverse stakeholders?Panchayati Raj Institutions, Urban Local Bodies, NGOs, and private providers?while ensuring inter-ministerial convergence for effective, efficient, and time-bound implementation.

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