Tax reforms, reskilling of elderly needed in senior care: NITI Aayog
NITI Aayog, the central government think-tank, called for financial and social reforms, including a reverse mortgage mechanism, Goods and Services Tax (GST) reforms on senior care products, and customisation of financial products, in order to improve the quality of senior care in India.
"Specific actions required to ensure financial empowerment and inclusion include reskilling the elderly population, increasing coverage of public funds and infrastructure, and mandatory savings plans for the affording segment," the Aayog said.
In its position paper on senior care reforms, the think tank also called for increasing liquidity and capital allocation to the senior care industry.
"Protection for the elderly from financial fraud by increasing awareness and literacy needs to be ensured. Similarly, specific interventions for ensuring digital inclusion include improving access to digital devices for seniors by making them affordable, focusing on increasing digital literacy, and harnessing the potential of modern technology," NITI said.
The number of people over 60 years of age has been rising rapidly across the world. India, too, is seeing exponential growth in the number and proportion of elderly people, coupled with a decreasing fertility rate (less than 2.0) and increasing life expectancy (more than 70 years), the report said.
