NITI Aayog pitches reforms pertaining to senior care

Niti Aayog report:  NITI Aayog has underscored the need for significant reforms in response to the projected surge in the elderly population, expected to reach 19.5 per cent of the country's total by 2050. In its report titled 'Senior Care Reforms in India - Reimagining the Senior Care Paradigm,' the focus is on critical areas such as tax structures, mandatory savings plans, and housing initiatives.

The report advocates for a regulatory framework to establish a stable base rate for interest on senior citizen deposits, addressing the vulnerability of their income to fluctuating interest rates. It also urges the government to reevaluate the reverse mortgage mechanism, proposing amendments to enhance liquidity for seniors.

Tax and Goods and Services Tax (GST) reforms are recommended for senior care products to facilitate wider adoption and alleviate financial strain on the elderly population. The report additionally suggests the allocation of Corporate Social Responsibility (CSR) funds to support elderly care for those unable to afford such services.

The call for public-private partnerships (PPP) aims to encourage collaboration with the private sector in providing discounted medical care for seniors. The report identifies a substantial growth opportunity in the senior care industry, estimated at $7 billion (Rs 57,881 crore), with a specific spotlight on the burgeoning home-based care market expected to reach $21.3 billion (Rs 1.74 lakh crore) by 2027.

 This market, according to the report, could lead to a noteworthy reduction in infrastructure and operational costs compared to traditional hospital care.

Highlighting that over 75 per cent of elderly individuals in India suffer from chronic diseases, the report emphasizes the potential demand for home-based healthcare services.

In essence, NITI Aayog's report calls for a comprehensive overhaul of policies and initiatives to cater to the evolving needs of India's aging population, addressing financial security, healthcare, and housing. The proposed measures not only aim to enhance the well-being of seniors but also present lucrative opportunities for growth in related industries.