The Times of India | Rohini Nilekani Writes: Silver Can Be The New Swag

In 25 years, India will have 300mn elders. It’s time for a mental reset – from making second careers possible, to recognising hours of caregiving they provide, to finding ways to keep them socially active. 

Recently, a parliamentary committee proposed that the age criteria for Ayushman Bharat Vay Vandana Card, the health insurance scheme for elders, be reduced from 70 to 60 years of age, and coverage doubled from 5L to 10L. Whether or not that suggestion is implemented, it points to the importance of the demographic transition in India.

In 2020, almost 90% of the country’s population was below the age of 60 years. Young, vibrant India was able to reap an economic dividend for the past 30 years or so. However, with the birth rate rapidly declining, the proportion of young people is expected to decrease significantly. Longer lifespans compound this effect. By 2047, we will have 300mn older adults, roughly equal to US’s population, with almost 50mn aged above 80. By 2067, we’ll surpass China to have the world’s largest cohort of older adults.

Politics already reflects the anxiety around the reduced productive workforce. Will we become old before we become rich? In south India that has already fallen below replacement rates, politicians have begun to speak up about encouraging couples to have more children. Although, in other rapidly ageing countries like South Korea and Japan, such a strategy has not worked.
It is critical, then, to focus on what’s possible. How can we shift our mental models? Do we understand the needs and aspirations of elder adults? How can we focus on the opportunity for an older population rather than be weighed down by the threat?

Older adults can be significant contributors to their families and to society. One in three is working well into their 60s, though mostly in the informal and agricultural sectors. They contributed 3.3% of the estimated real GDP in 2023-24. Businesses run by older adults Calvin & Hobbes employ 63mn individuals countrywide. Even after retirement from the formal sector, urban seniors especially are using digitech innovations to pursue second careers or new hobbies. Society thinks of the aged as needy. Yet, they spend about 14bn hours a year providing care to their grandchildren or other family members. One of three wants to actively volunteer and contribute to their communities.

It’s time to change the story of old age. In a study on longevity, elder adults across the board expressed their need for freedom, for economic and physical security, and for well-being, including social connectedness. This is an opportune moment to invest in these areas to be prepared for the seismic demographic shift to come. The state can focus on appropriate physical and digital infra, improved access to social protections (only 8.6% of older adults receive any form of work- related pension now), better healthcare and structured capacity building for willing and able elders. Business can tap into the potential of the silver economy, which in US is estimated to be $8.7bn and gro- wing. Today, there are about 100 Indian startups focusing on the 60-plus. With the right venture capital, there could easily be 1,000 such endeavours, with the potential to integrate over 25mn more people into the economy.

Lastly, civil society can greatly help. The Niti Aayog Darpan portal lists over 39,000 CSOs focusing on- older adults. Several organisations with support from philanthropies have done exemplary work to provide support and help change the narrative on ageing. More philanthropists are paying attention to the needs of an ageing demographic. For example, Kris Gopalakrishnan and Ashok Soota support neuroscience research to unlock better understanding of the ageing brain and mental health, critical in a country where the population of seniors with depression may cross 16% in 20 years.

Yet, the journey into later years is very individual and can be very difficult. In India, 40% of older adults live close to the poverty line, and are more likely to be female, with 70% of older women dependent on others for their basic needs. In this digital age, only 14% can use the Internet. Isolation may rise, with fewer than 5% being part of any formal social network or organisa- tion – 38mn seniors already live either alone or with their spouse in increasingly nuclear families. Lastly, India’s healthy life expectancy is 58 years, far below its life expectancy of 73 years.

There’s much catching up to do before the lived reality of the majority of older adults meets their rising aspirations. Can India take the lead in positively redefining what it means to be an older adult? Can it be done in time for what’s coming, ready or not? As we celebrate our youth and rising prosperity, we can be future smart-welcome the oncoming longevity to unlock a different but stronger idea of a mature developed society. One that is mentally and physicall sound, economically secure, and an exemplar for a ageing world.

Silver can become the new black.

The writer is chairperson, Rohini Nilekani Philanthropies and co-founder/director of EkStep Foundation.

The Times of India