India registers sharp rise in its elderly population

India has registered a sharp rise in its elderly population and the thrust is on creating an ecosystem that supports their needs more holistically. There are 110 million elders in the country, who are above the age of 60. As per the latest industry reports, the share of elders, as a percentage of the total population in the country is expected to increase from around 7.5 per cent in 2001 to almost 12.5 per cent by 2026 and surpass 19.5 per cent by 2050. According to the National Statistical Office (NSO)’s Elderly in India 2021 report,India’s elderly population (aged 60 and above) is projected to touch 194 million in 2031 from 138 million in 2021, a 41 per cent increase over a decade. The report said there will be 93 million males and 101 million females in 2031 — up from 67 million males and 71 million females in 2021.
The Centre has created the Senior Citizen Welfare Fund in 2016 to fund the activities that would bring a significant change in the lives of the elderly in the country. The Fund is expected to use nine thousand crore rupees of unclaimed deposits in the Employees Provident Fund and other public funds. The Rashtriya Vayoshri Yojana is funded through this.In order to utilize this fund, the Centre has constituted seven eminent expert groups to address the areas of livelihood, employment, health, nutrition, silver economy, capacity building and research