NITI Aayog suggest for mandatory savings plans for elderly & tax reforms

NITI Aayog recommends for mandatory savings plans for elderly & tax reforms

• The apex public policy think tank of the Government of India NITI Aayog has pitched for Income tax & GST tax reforms, mandatory saving plan, & housing plan for elderly in India, as the recent data shows that the senior citizen population of India is estimated to reach 19.5% of total population of India.
• In a report titled 'Senior Care Reforms in India - Reimagining the Senior Care Paradigm', NITI Aayog highlighted that a national portal for senior citizen care must be there for senior citizens so that they can get easy access of services.
• Right now population of the elderly is slightly higher than 10% of whole population, which amounts to 104 million, & is expected to reach 19.5% by Year 2050.
• NITI Aayog suggested for reserving Corporate Social Responsibility funds as a contribution to Country funds so that non-affording category of the senior citizens can get help for their needs.
• NITI Aayog also recommended to collaborate partnerships with Private Sector through various Public-Private Partnership models so that elderly can get medical care from consultation till treatment at discounted prices to senior persons across the medical care cycle, from consultation to diagnostics to treatment.
• Tax and GST reforms, etc, on senior care products required to substantially increase the ease of adoption & protect senior citizens population from being burdened financially , as per regulations the NITI Aayog.

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