Categories: Corporate Law

For Senior Citizens, India is best country better developed countries

India’s Senior Citizens are a happy Lot

This is a comprehensive overview of the status of senior citizens in India, covering demographics, life expectancy, economic activity, literacy rates, disabilities, and crime rates. It highlights key challenges and government initiatives to support elderly welfare. However, there are areas where India lags behind compared to the U.S., Canada, or Australia: The World Happiness Report 2024 highlights key insights about the life satisfaction of older people in India, revealing both positive trends and underlying disparities.  While India’s elders fare better than peers in similar economies, the country’s overall happiness ranking suggests scope for improvement in broader quality-of-life factors.

Challenges in India Compared to Developed Countries:

Various challenges that elderly individuals face, categorized into disabilities, economic problems, psychological issues, and health concerns. Like Disabilities in Old Age, Economic Problems, Psychological Problems, Health Problems, A well-structured senior care economy can ensure that ageing is not seen as a burden but as an opportunity to leverage experience, wisdom, and economic participation. As India transitions from a young nation to an ageing society, early investments in healthcare, pensions, assisted living, and elder employment will determine the quality of life for future generations.  It emphasizes the importance of family-based care, institutional support, legislative measures, healthcare improvements, and the active participation of senior citizens in society.

  • Healthcare Infrastructure – While private healthcare is good, it is expensive, and public healthcare is often inadequate. Expanding geriatric services, old-age homes, and policies to protect vulnerable groups, including rural elderly and widows. Mental health awareness and social support can reduce loneliness and depression.
  • Pension & Social Security Unlike developed nations, India does not have a universal pension system.
  • Safety & Accessibility Senior citizens in India may face challenges related to infrastructure, public transport, and safety.
  • Longevity & Quality of Life Developed nations rank higher in terms of life expectancy and quality of healthcare.
  • Family as Primary Caregiver: Strengthening family bonds to provide support for the elderly, promoting multi-generational living, and reinforcing traditional values of filial responsibility. Strengthening family-based care and promoting legal protections against elder abuse is necessary.
  • Institutional and Legal Support: Encouraging laws that mandate children’s responsibility to care for parents and improving institutional care facilities.
  • Active Participation: Encouraging the elderly to stay engaged in society, contributing to family and community, and enhancing their sense of purpose. Strengthening economic security through pensions and retirement benefits is essential

Key Areas India Needs to Focus on for the Senior Care Economy:

  1. Healthcare Infrastructure for the Elderly: Expand geriatric care services across primary, secondary, and tertiary healthcare systems. And Increase funding for National Programme for Health Care of the Elderly Also Establish more specialized hospitals and clinics focused on age-related diseases.
  2. Social Security & Financial Independence: Strengthen the pension system, moving towards universal pension coverage. And Expand schemes like the Indira Gandhi National Old Age Pension Scheme (IGNOAPS). Promote Senior Citizen Savings Schemes with higher interest rates and tax benefits.
  3. Assisted Living & Elderly Housing: Develop affordable senior living communities with healthcare, social engagement, and safety. And encourage public-private partnerships to build retirement homes and assisted living facilities.
  4. Senior Employment & Engagement: Promote flexible work opportunities for elderly professionals through digital platforms. And Provide tax incentives for companies hiring senior citizens. Also Encourage mentorship programs where seniors contribute their skills to younger generations.
  5. Digital Inclusion & Accessibility: Promote tech-driven elder care solutions like AI-enabled health monitoring. Improve digital literacy for seniors to access banking, healthcare, and government services online.
  6. Legal & Safety Measures: Strengthen elder abuse laws and improve enforcement mechanisms. Enhance police response mechanisms for senior citizen safety.
  7. Budgetary Support & Policy Implementation: The Union Budget 2024 outlined nine key priorities, but senior care was not a direct focus. Future budgets should allocate dedicated funds for ageing-related policies. Establish a National Commission for Senior Citizens to oversee policy implementation.
Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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