Projections show that by 2050, one in five Indians will be a senior citizen. Yet the sector has a mere 1.3 per cent penetration, while mature markets are at 6 per cent, presenting a remarkable 10 – 15 billion US dollar opportunity for the senior living sector
Bengaluru: Institutions like the Association of Senior Living India (ASLI) should help us draft senior-friendly policies, member of NITI Aayog V K Paul said on Friday.
He was speaking at the 5th edition of the ASLI Ageing Fest, a flagship event organised by ASLI, the umbrella body for India’s senior care industry in Bengaluru.
”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. Towards this, we welcome your suggestions on how to fashion a response, keeping their physical, digital and financial security in mind,” added Paul.
He also highlighted the work of the NITI Aayog in framing a comprehensive recommendation on senior citizen welfare for the government’s consideration. The event saw several leading senior care industry experts talking about the sector’s vast opportunities.
In his opening remarks, Rajat Mehta, Chairman, ASLI, MD & CEO, Antara Senior Care, said India is on the brink of a demographic transformation, with 135 million seniors today.
”Projections show that by 2050, one in five Indians will be a senior citizen. Yet the sector has a mere 1.3 per cent penetration, while mature markets are at 6 per cent, presenting a remarkable 10 – 15 billion US dollar opportunity for the senior living sector,” said Mehta.
He also highlighted the need to work with government bodies for a robust regulatory framework to help unleash the true potential of the senior living sector.
”The private sector also has a pivotal role in creating world-class senior living solutions that address the evolving needs and aspirations of this dynamic population,” added Mehta.
Ahead of the fest, ASLI also released findings from a survey that explores India’s senior population’s priorities, behaviours, and aspirations, with McKinsey & Company as knowledge partners.
The survey highlights that seniors are focused on ‘ageing well’ rather than merely living long. Mental and cognitive health rank as their top concerns alongside physical health and mobility, financial security and safety, stated the report adding that combating loneliness has also emerged as one of the critical challenges.
Ankur Gupta, Co-Founder, ASLI and Joint Managing Director of Ashiana Housing, said the ASLI survey is a wake-up call for all stakeholders to acknowledge the shifting priorities of India’s senior population.
”As the senior care industry continues to grow and mature, it’s essential that we prioritise the holistic well-being of seniors, encompassing their physical, emotional, and social needs,” he added.
Speaking at the inaugural fireside chat, Nitin Kamath, Founder and CEO of Zerodha, said, ”The areas of focus in the future will be on medical care management and nutrition for senior citizens. While this generation of senior citizens might not adopt AI, caregivers can increase efficiency by adopting automated tools and AI.”
The 5th ASLI Ageing Fest also featured four panel discussions with leading experts, focusing on financial freedom for senior citizens, investing in senior care, building capacity for the sector and AgeTech.