The Silver Economy refers to system of production, distribution and consumption of goods and services aimed at utilising the purchasing potential of the ageing populations, as well as satisfying their consumption requirements and living essentials and healthcare needs.
BENEFITS
- Boost Investment and Consumption Expenditure, create more jobs and pursue higher GDP growth model.
- Make life easier for senior citizens and enable them to productively contribute to economic growth.
- Health Care sector: Higher focus on senior citizens will lead to (a) Improve health care infrastructure (b) creation of more jobs as doctors, nurses, pharmacists etc.
- Financial Sector: Development of financial institutions to cater to Banking, insurance and pension. For example, dedicated MFIs to provide small value loans to senior citizens.
- Hospitality, Travel & Tourism: Development of religious tourism circuits for the senior citizens would provide fillip to hospitality industry and benefit local economy.
- IT Sector: Development of technological tools such as home automation, Smart Watches, Telemedicine, Database Management (Ayushman Digital Bharat Mission), Home delivery of medicines etc.
STRATEGIES TO PROMOTE SILVER ECONOMY
Promoting productive ageing
- Age of retirement should be increased from 60 to 65.
- Finding suitable places where old age can contribute with their experience. These careers can be teaching in schools, acting as consultants in government departments and businesses.
- Create awareness in people in younger age groups about old-age planning, look after health and engage in Yoga etc to have a healthy old age life
Health Security
- Improve coverage of Health insurance schemes.
- Enhanced Government's expenditure on healthcare
- National and regional institutes of ageing should be set up to promote geriatric healthcare.
Economic Security
- Extension of Pension to certain APL Families to be identified through Socio-Economic Caste Census (SECC)
- Reskilling of Senior Citizens to enhance their employability
- Promote Entrepreneurship through PSL loans for Senior Citizens
Incentives to the private sector which specialise in silver economy through Tax exemptions.
- Imposition of Separate Cess to spend for the welfare of Senior Citizens.
- Separate ministry dedicated to the elderly.
- Inculcate family values of caring for parents by redesigning School Curriculum.