The Budget that was: From the lens of a senior citizen March 3, 2021, 6:11 PM IST
Introduction
India is a young nation with a rapidly ageing population. The Indian Census 2011 observes that seniors will constitute almost 12.5% of the total population in the country by 2026 and surpass 19.5% by 2050. Senior interests have often taken a back seat, but unlike past years, there is an increase in the government focus on the changing needs of seniors. The recent Draft Policy for Senior Citizens introduced earlier in 2020, launch of ‘Decade of Healthy Ageing’ initiative by Dr Harsh Vardhan aligning to the UN directive, and the recent Longitudinal Ageing Study in India are all testament to increased government action on prioritizing seniors and their needs.
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The rapid growth in the senior population is transforming societies across the globe. At the same time, it is forcing both developing and developed markets to revisit their existing economic models to consider the financial and social needs of the ageing populations. Globally, the proportion of people over 65 years of age was 10 percent in 2012 but it is expected to jump to 22 percent by 2050, according to estimates by the World Economic Forum.