Centre to soon come up with new policy for senior citizens

Central Government Revamps Policies to Boost Senior Living Sector in India - As senior living gains momentum in India, the Ministry of Social Justice and Empowerment is set to update key policies, including the Maintenance and Welfare of Parents and Senior Citizens Act, 2007, and the National Policy for Older Persons, 1999, to strengthen the country’s senior care economy, including the growing senior living sector.

At an event hosted by the Association of Senior Living India (ASLI), Secretary Amit Yadav emphasized the government's efforts to address challenges surrounding property rights and the important role of private sector involvement in developing senior living facilities in the country.

"The ministry is currently focusing on two main areas. We had a senior citizens’ policy in 1999. Now, after consulting with various stakeholders, we are working on a new policy that will guide us for the next 25 years. We are also revising the 2007 act based on input gathered over time. This reflects the government’s commitment to preparing the country for its senior citizens," Yadav said.

Both the 1999 policy and the 2007 act, last amended in 2019, cover property rights and the regulation of old age homes. However, the senior living landscape has evolved significantly, with private service providers, developers, and operators playing a larger role. These changes will better reflect the growing range of services and living options available to seniors, moving beyond state-supported old age homes to include a broader variety of players, units, and services.

Senior Citizens’ Growing Numbers

The number of citizens aged 60 and above is projected to rise from 157 million in 2024 (11% of the total population) to 260 million by 2040 (16%) and 346 million by 2050 (21%). "The challenge lies in the increasing numbers of senior citizens. The government must collaborate with the private sector to address this issue. Moreover, the senior population is becoming increasingly female, as life expectancy for women is higher than for men," Yadav added.

According to a recent JLL report released during the event, senior living unit launches in India have averaged 2,000 units annually since 2022, nearly double the previous rate of around 1,100 units per year between 2014 and 2021. The report also revealed that 60% of India’s senior living market is concentrated in South India, with the remaining market distributed across North (20%), West (16%), and East India (4%).

Market Trends and Growth Projections

The report noted that the top 10 players in the senior living market, including companies like Ashiana Housing, Columbia Pacific, and Antara, control 81% of the senior living inventory in India. Additionally, 81% of the launched units are priced between Rs 50 lakh and Rs 1 crore, with 86% falling within a size range of 500 to 1,500 square feet. The demand for senior living units is projected to reach 2.3 million by 2030, up from 1.6 million in 2024.

"By 2050, one in every five Indians will be a senior, making India home to 70% of the world’s senior population. This is a staggering figure," said Rajit Mehta, Chairman of ASLI and CEO of Antara Senior Living. He highlighted that seniors are now seeking an active lifestyle and are increasingly tech-savvy. "Many are looking for tailored services, and we are seeing a rise in travel portals and geriatric care hospitals catering to seniors. There is also a growing interest in intergenerational living," Mehta added, referring to Antara’s first project where seniors live alongside non-seniors.

Government Support and Policy Reforms

To further support senior living, Mehta suggested establishing a single nodal agency responsible for senior care, which would oversee issues related to social justice, health, housing, and infrastructure. He also proposed the creation of a task force to study best practices from countries like Japan and Switzerland, where senior care is more advanced.

In February, NITI Aayog, the government’s apex think tank, released a report recommending reforms such as accreditation for senior care facilities and fast-tracked project approvals. These reforms are particularly important given the time-sensitive needs of senior buyers. In March, the Ministry of Social Justice and Empowerment introduced minimum standards for senior citizen homes, while Maharashtra’s Real Estate Regulatory Authority (RERA) drafted model guidelines for senior living projects in May. Additionally, the government has extended the Ayushman Bharat PM-JAY insurance program to include citizens aged 70 and above and removed age limits for purchasing health insurance policies, further demonstrating its commitment to senior care.

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