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Silver Economy

What is the Silver Economy?

1. The number of senior citizens has been increasing in India, so efforts are required for an affordable and safe living for senior citizens.

2. The Government is exploring ways to promote the idea of ‘Silver Economy’ by developing residential and infrastructure facilities of different grades for senior citizens through the public-private partnership.

3. Silver economy is the system of production, distribution, and consumption of goods and services aimed at using the purchasing potential of senior citizens and satisfying their consumption, living, and health needs.

Which are the features of the National Plan of Action for Senior Citizens?

1. Ministry of Social Justice & Empowerment has come up with a National Plan of Action for Senior Citizens, it includes:

a. The scheme includes the Integrated Program for Senior Citizen for setting up old age homes, Day Care Centres, etc.

b. Setting up physiotherapy units, mobile medical units, SHGs, etc.

c. Develop training and capacity building to take care of senior citizens.

d. Inter-ministerial convergence.

2. The Central Government has asked the State Governments to frame their own action plans.

Why it is challenging to implement the schemes?

1. Success of schemes and policies passed by the Central Government lies in the proper implementation by the State Governments at the ground level.

2. India has a poor healthcare system including the elderly section.

3. The change in family patterns from joint to nuclear families has left old-age people more alone.

4. From an economic perspective, elderly people can be productive if new carrier opportunities are created for them utilising their experience.

Where to focus in the future?

1. Elderly people should be provided with the best possible opportunities to contribute to society.

2. Younger generations should plan well for being financially independent in old age.

3. Elderly people need to be engaged constructively. This will help in utilising their strength for society.

4. Besides Government, Community, Non-Governmental Organisations, etc. need to play their role. A partnership between all the stakeholders is needed.

5. In a Smart City project, concepts like health environment, opportunities for all, etc. need to be integrated to involve the communities in the process.

6. Policies at the National, State, and District levels need to have an enabling structure.

7. The Government has come up with a central helpline number for elderly citizens.

8. The State Governments need to engage experts and groups in solving their issues.