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New Delhi: Dr. VK Paul, Member of NITI Aayog, emphasized the urgent need for greater energy, resources, and participation to enhance senior care in India. Speaking at an event organized by the Association of Senior Living India (ASLI) on Friday, Dr. Paul invited ideas from industry leaders, investors, and experts to shape policies that address the diverse needs of India’s growing elderly population.
Highlighting the contributions of senior citizens to the nation, Dr. Paul stated, “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.” He stressed the importance of addressing physical, digital, and financial security in policy formulation.
Dr. Paul noted that the expectations from organizations like ASLI have risen and underscored NITI Aayog’s efforts to draft comprehensive recommendations on senior citizen welfare. “The moment has arrived to put in more energy, resources, and participation,” he said.
A Growing Sector with Untapped Potential
With projections showing that one in five Indians will be a senior citizen by 2050, the senior care sector in India remains largely untapped. The industry currently has a penetration rate of just 1.3%, compared to 6% in mature markets, representing a significant $10–15 billion opportunity.
At the event, ASLI unveiled findings from a survey conducted with McKinsey & Company as knowledge partners. The survey explored the priorities and aspirations of India’s senior population, offering insights into the shifting needs of the elderly.
Ankur Gupta, Co-founder of ASLI, described the survey as a wake-up call for stakeholders. “As the senior care industry continues to grow and mature, it’s essential that we prioritize the holistic well-being of seniors, encompassing their physical, emotional, and social needs,” he said.
Tech and Innovation: The Future of Senior Care
Nithin Kamath, Co-founder and CEO of Zerodha, highlighted the role of technology in shaping the future of senior care. “While this generation of senior citizens might not adopt AI, caregivers can increase efficiency by adopting automated tools and AI,” Kamath remarked, adding that medical care management and nutrition will be key focus areas in the coming years.
The event showcased a collective commitment from government and industry leaders to create a more inclusive and supportive environment for senior citizens. Dr. Paul concluded by reaffirming the government’s openness to innovative ideas from all sectors, ensuring policies reflect societal values while addressing the growing needs of the aging population.
With India on the brink of a demographic transformation, the senior care sector is poised for significant growth, presenting both challenges and opportunities for stakeholders across the board.
