India Will Be fastest growing silver economy As world 17 Percent elderly population will be Living here By 2050

Indian Silver Economy: India is a country in the whole world where the population of elderly people is increasing rapidly. By 2050, there will be 34 crore senior citizens in India, which is 17 percent of the total elderly population of the entire world. Due to the increasing population of elderly, India is emerging as a silver economy at the fastest pace. All such economic activities, products and services which are designed keeping in mind people above 50 years of age are called silver economy. In the future, the growth of the segment related to the residence and care of the elderly looks very attractive in the coming times.

By 2050 the population will be 17% elderly

Real estate consultant firm CBRE South Asia Pvt. Ltd. Golden opportunities from the silver economy – analyzing the future of senior care in India in India) has released a report regarding. It has been told in the report how the population of elderly people is increasing rapidly all over the world, in India this population will increase at an even faster pace and by 2050, 17 percent of the elderly population of the whole world will be in India. According to the report, due to adaptation of the population, old conditions and increasing awareness, there is a huge increase in their population. Due to the increasing demand for specialized care and lifestyle options for the senior citizen population, the demand for exclusive living facilities for senior citizens has increased significantly in recent years.

Fast growing senior care and living segment

CBRE said in its report that the landscape related to care of senior citizens is developing rapidly across India and there are around 18,000 related units spread across the country. South India's share in the supply of organized senior living and care segments is 62 percent. The main reasons for which include high affordability and acceptability of nuclear family structures. The population of elderly people living alone is higher in the southern states than in the northern states. The reason for this is more availability of trained staff, due to which the quality of senior care is better here.

Elderly population will reach 23 crore in 12 years

Companies involved in the care of senior citizens are present in tier-1 and tier-2 cities of South India like Chennai, Coimbatore and Bangalore. In future, big players related to elder care care units are expanding in Chennai, Bangalore, Hyderabad, Komyabatur, Pune and NCR. Apart from this, the share in senior living and care units of Haryana, Rajasthan, Uttarakhand, Uttar Pradesh, Himachal Pradesh in the North Zone is close to 25 percent. According to the report, a target has been set to connect 10 lakh senior citizens with these facilities in 2024. 25 lakh people have been targeted in the next 10 years. At present, there is a population of 15 crore elderly people in the country which will increase to around 23 crore in the next 10 to 12 years.

Developers focus on senior living segment

CBRE Chairman and CEO – India Anshuman Magazine said on this report, India may see a jump of 254 percent in the population of senior citizens, which will be the highest in the entire world. He said that by 2050, the elderly population in India will be around 34 crores, which will be 17 percent of the total elderly population of the world. In the last decade, there has been a strong surge in demand for projects related to senior living, which shows its acceptability. He said, developers are also very excited about the senior living segment which reflects the demand for special care and lifestyle options for senior citizens.

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