Exploring the silver dividend of Bharat

Credit- The Hindu Business Line

Why in news ? Recently many famous newspapers have covered this topic more than three times in last month . Let us know more about the silver dividend of Bharat.

What is silver dividend ?
The silver dividend is a term used to describe the economic potential of an aging population. It refers to the idea that tapping into the labour force of older people can increase a country’s GDP.

It encompasses goods and services that are specifically designed to meet the needs and preference of older consumers as well as those that are used by older people but can also be consumed by people of all ages

It is expected that the aging is done in a very fast manner in recent days . India is looking towards this rapid growth , which is 10 percent of total population now (in 2024) and it is expected that it will reach to 19.5 percent in 2050 . This is a very severe concern which is faced by the two most prominent countries of the world that is BHARAT AND CHINA.

There are many problems for caring of our grandpa. Let us discuss some of them …..

RISING HEALTH CARE CONCERN…..

·    If we talk about the current scenario for spending on old age people ,it is about 7 billion dollars . This is very big amount  of health sector to be spent on a particular age group.

·    In a survey it was found that about 75 percent of old age people are facing at least one chronical ailment which also shows a great concern that the expense for these peoples will increase at a very fast rate.

·    Also the same report tells us that 1 out of 3 old age people are suffering from a depressive symptoms which is badly effecting their brain as well as their bodily organs also .

How this sector can become a Silver dividend for us . Let us explore them …..

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Credit- Goodreturns

Comprehensive approach::

There should be comprehensive approach for developing the  infrastructure in the field of Health , Social and economic sector as well as digital sector .

·    The focus of government as well as our public must on the health literacy so that maximum people will be able to understand about their health . Because more health literacy will cause more awareness towards ones health.

·    Recently our government has started Ayushmann scheme for the peoples who are above 70 years . In this scheme it was said that the peoples will get a health coverage of 5 lakh rupees in a year. But the main problem with this scheme is that this scheme covers only a limited hospitals in a region due to which the patient who is suffering from a severe disease is unable to get a better treatment . Our government must focus on this serious issue so that the dream of Healthy India will complete very early.

·    There is need of a holistic reform in our health sector . We must learn from the health sector of the developed countries like USA, Canada , Europe , Australia like countries . We must look our health sector as a revenue generator not as a burden .

·    The government must come with the more and better schemes like SAGE initiative which takes care about our elder people.

·    The reach of tele consultancy must be promoted and backed by government as well as private players . This will definitely give a huge relief to those peoples who are unable to travel here and there due to their age.

·    The government must have focus on the skill development in the health sector also . Because the data which is discussed above shows that there will be a huge demands of well skilled caretakers, doctors , nurses etc. who can serve the elder peoples on their house.

·    The government is busy in other programmes also , so a responsibility must be carried by our societies, communities that we must have to raise awareness about their health as well as the facilities which is very easier available to them . The peer support groups must also be promoted by our governments which carries at least one health expert .

·    The government must have to target the current young age population because on 2050 they are the peoples who make our economy shine like a Silver…..

And in the last I will end this discussion by giving a message to our elder peoples by giving a quote ……..

Old age is like everything else. To make a success of it, you’ve got to start young.” – Theodore Roosevelt.

 

 Team Yuva Aaveg-
Shashwat