According to the United Nations Population Fund and the International Institute for Population Sciences’ India Ageing Report 2023, the population of senior citizens will double to 20.8 percent, or 34.7 crore people, by the year 2050 from its current 10.5 percent (14.9 crore) as of July 2022.
Source: Insight IAS
This supports the Ministry of Statistics and Programme Implementation’s Youth in India 2022 study, which claimed that a decline in fertility rates had caused a rise in the concentration of individuals of working age. It showed how the old population’s share increased over time, from 6.8% in 1991 to 9.2% in 2016, and predicted that it would reach 14.9% in 2036.
The reports urge the creation of government programs that would soon be geared toward the wellbeing of the elderly. For seniors to age with dignity, improved and expanded healthcare facilities, social security, and pension are required.
Source: Drishti IAS: English
Therefore, it is essential to create work opportunities in both the manufacturing and services sectors in order to capitalize on today’s growing young population, which will be tomorrow’s older citizens. Notably, the UN survey discovered that 40% or more of the elderly belong to the wealth quintile with the lowest levels of income.
The amount spent on senior citizen care programs through corporate social responsibility (CSR) should be increased. It has stayed at a pitiful 0.3% of overall expenditures since 2014, despite an increase in CSR spending from Rs 89 million to Rs 551 million over the same time period.
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