Bengaluru, Dec 6 There is a need to put in more energy, resources and participation to improve senior care in the country, and the government welcomes ideas from industry leaders, experts, investors and businesses towards achieving this goal, Dr VK Paul, Member, NITI Aayog, said on Friday.
Addressing an event by the Association of Senior Living India (ASLI) here, leading senior care industry experts highlighted the sector's vast opportunities.
“We have seniors who have contributed to building this nation, and they need special measures, a special touch and a comprehensive response to their care. Towards this, we welcome your suggestions on how to fashion a response, keeping their physical, digital and financial security in mind,” said Dr Paul.
“The expectations of the government, from institutions like the ASLI, are higher than ever, and we welcome your ideas, which will help us draft policies in line with our goals and societal values,” Dr Paul told the gathering.
He also touched upon the work of the NITI Aayog in framing a comprehensive recommendation on senior citizen welfare for the government’s consideration.
“There is a need to put in more energy, resources, and participation. The moment has arrived,” Dr Paul noted.
Projections show that by 2050, one in five Indians will be a senior citizen. Yet the sector has a mere 1.3 per cent penetration, while mature markets are at 6 per cent, presenting a remarkable $10–15 billion opportunity for the senior living sector.
ASLI also released findings from a survey that explores India's senior population's priorities, behaviours, and aspirations, with McKinsey & Company as knowledge partners.
Ankur Gupta, Co-founder, ASLI, said the survey is a wake-up call for all stakeholders to acknowledge the shifting priorities of India's senior population.
“As the senior care industry continues to grow and mature, it's essential that we prioritise the holistic well-being of seniors, encompassing their physical, emotional, and social needs,” he noted.
Speaking at the event, Nithin Kamath, Co-founder and CEO, Zerodha, said that areas of focus in the future will be on medical care management and nutrition for senior citizens.
“While this generation of senior citizens might not adopt AI, caregivers can increase efficiency by adopting automated tools and AI,” he added.
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