International Day of Older Persons, 2024

Syllabus: GS1/ Society, GS3/ Economy

Context

• The International Day of Older Persons, is commemorated on 1 October each year.

About

• Origin: The idea was initiated by the United Nations. It stems from the Vienna International Plan of Action on Aging, which was adopted in 1982 by the World Assembly on Ageing.
  • UN General Assembly Resolution: In 1990, the UN General Assembly formally established October 1 as the International Day of Older Persons through Resolution 45/106.
• Objectives: To raise public awareness about the opportunities and challenges with ageing populations and to mobilize the families, community groups and stakeholders to address the difficulties faced by older people.
• Theme for 2024: ‘Ageing with Dignity: The Importance of Strengthening Care and Support Systems for Older Persons Worldwide’.

Current Demographics of India

• As of 2021, India had around 138 million elderly persons (aged 60 years and above), accounting for roughly 10% of the total population. 
• According to projections, by 2050, the elderly population in India is expected to reach around 319 million, making up approximately 19.5% of the total population.

Reasons for Elderly Population Growth

• Increasing Life Expectancy: The life expectancy in India has increased from around 50 years in 1970 to approximately 70 years in 2023 due to better healthcare and living conditions.
• Declining Fertility Rate: India’s fertility rate has declined over the years, leading to a shrinking younger population and a rising proportion of older persons.

Challenges Faced by the Elderly population

• Health Issues: Older persons in India commonly face non-communicable diseases like diabetes, cardiovascular issues, and arthritis. 
• Economic Dependency: Many elderly individuals in India are financially dependent on their children or families due to limited pension coverage and savings.
  • Only about 30% of the elderly are covered by some form of a pension scheme.
• Elder Abuse, especially emotional and financial neglect, is an issue in many families. 
• Social Isolation: Changing family structures, with nuclear families becoming more common, resulted in increased social isolation for the elderly, particularly in urban areas.

Government initiatives

• Senior Able Citizens for Re-Employment in Dignity (SACRED) portal to connect senior citizens with job providers in the private sector. 
• Senior care Ageing Growth Engine (SAGE), by the Ministry of Social Justice and Empowerment, to promote and incentivise senior care products.
• National Policy on Older Persons (NPOP): It was formulated in 1999 to guide the development of policies and programs aimed at promoting the well-being of senior citizens. 
• Rashtriya Vayoshri Yojana (RVY): Provides physical aids and assisted-living devices to elderly persons belonging to BPL categories and suffering from age-related disabilities.
• Atal Vayo Abhyuday Yojana: It includes awareness generation/sensitization programmes with school/college students for strengthening Inter-generational bonding.
• Senior Citizens Savings Scheme (SCSS): It is a government-backed savings scheme designed specifically for senior citizens to provide them with a steady source of income.
• The Ayushman Arogya Mandir (AAM) initiative is providing comprehensive healthcare through Health and Wellness Centres.
  • It focuses on preventive, promotive, curative, and rehabilitative care, using multiple traditional health systems like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy (AYUSH). 

What are the opportunities?

• Silver Economy: It refers to economic activities, goods, and services designed for the growing elderly population.
  • This demographic, particularly those aged 45-64 years, is considered the wealthiest, creating a lucrative market for products and services catering to their specific needs.
• Health and Wellness Industry Growth: Healthcare accounts for one-third of the consumption by older adults and there is a significant opportunity for businesses in senior care, health services, and wellness sectors. 
• Elder Care Services: The rising elderly population will increase the demand for elder care services such as home care assistance, nursing homes, retirement communities, and assisted living facilities.
• Senior-Friendly Tourism: With more disposable income and time, the elderly population is likely to drive demand for senior-friendly travel and tourism.

Concluding remarks

• As India’s aging population increases, there is a critical need for solutions that promote healthy aging, financial security, and social inclusion. 
• Leveraging advancements in health technology, infrastructure, and senior care services, the silver economy can transform aging into a dynamic opportunity for both economic growth and societal well-being. 

Source: PIB