31 December 2024 : Daily Answer Writing

Q1) What do you understand by the term silver economy? Discuss the
socio-economic challenges faced by India's elderly population in the
context of changing demographic trends.

(150 Words/10 Marks)

 

ANSWER:

 

The term “silver economy” refers to the economic opportunities and challenges associated with an aging population. It includes the products and services required to cater to the older demographic segment.

According to the National Commission on Population, the share of elderly (persons aged 60 years and above) was close to 9% in 2011. It is expected to reach 18% by 2036.

Socio-Economic challenges faced by India’s elderly:

1. Social challenges: (a) disintegration of joint family + Migration of children to different cities and countries lead to elderly people feeling lonely and left out (b) alienation due to rapid transformation of society and modernization; (c) vulnerable to being abused and exploited by family members; (d) prone to crimes like murder, cyber fraud etc.; (d) general apathy in society towards elderly issues.

2. Economic challenges: (a) around 65% of the elderly depend financially on others for their survival [State of Elderly in India Report 2021 by HelpAge India]; (b) very minuscule elderly population is covered under a formal pension scheme; (c) many elderly individuals do not have sufficient savings or source of earnings to sustain themselves; (d) inadequate skills and technological proficiency for modern job market;

3. Other challenges: (a) inadequate or substandard access to healthcare; (b) large percentage of the elderly suffer from at least one chronic condition, such as hypertension or diabetes; (c) poor support from government schemes – failing to provide respectable living for the elderly; (d) Feminisation of the elderly – due to women outliving men, are more vulnerable in their old age due to financial dependence.

Overcoming challenges associated with elderly population:

1. Providing affordable and accessible healthcare: (a) subsidized/free health services; (b) health cards for the elderly for cashless medical services even in private facilities; (c) more geriatric healthcare facilities; (d) promoting telemedicine and making it intuitive and accessible for elderly population.

2. Income security: (a) ensure pension coverage for people retiring from informal sectors; (b) encourage retirement Savings; (c) creation of employment opportunities for elderly where their experience can be brought to use.

3. Providing support systems: (a) establish more government-supported retirement homes and assisted living facilities; (b) community based long term palliative care [along the Malappuram model] where trained volunteers conduct home care visits; (c) to overcome loneliness old age homes and orphanages can be connected

4. Maintenance and Welfare of Parents and Senior Citizens Act, 2007 should be amended to provide legal protection to parents who are abandoned by their children.

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