Grey Tsunami

India is going through a big change as its elderly population is growing rapidly. The elderly population is estimated to double in less than 25 years down the line. According to Times Of India, the elderly population will make up 21%, whereas the current population is at 10%. To overcome the decline of the young population, it may need some strong policies and planning. With this article, I aim to shed light on economic, social, socio-economic repercussions and takeaways to overcome the problem of the aging population in India.

In a developing country like India, a high life expectancy has proved to be unpleasant rather than a boon. This is because the population is aging and slowly pushing the country into a bad state. A report by McKinsey warns that India has less than 30 years to strengthen its economy before this phenomenon affects its growth. If India does not prepare well for this mighty outbreak, the country will have fewer working age people. The population would rather be a burden as the country will have to spend more money on pensions, healthcare and social security, which will ultimately lead to emptying of the vault. In a nutshell, the government would have to take some actions, like increasing taxes or cutting spending in other sectors, which would put a lot of pressure on the youth.

In this relentless world, younger generations are moving to cities or even abroad in search of better facilities. Due to mass migration, we see more nuclear families instead of traditional joint families, and elders are often left without family support. This means that India would need more community programs and retirement homes. An article published by Hindustan Times emphasises the lack of retirement homes in India. As of now, there are 20,000 retirement homes, and to tackle this exponential growth would require more than 33,000 homes.  

Every individual would aspire to be in the pink of health as it’s the most important part of life.  India is heavily dependent on agriculture, which has kept a major part of the country in rural areas. However, many rural areas lack proper healthcare services, making it difficult for older people to get adequate treatment. 

Traditional families have often considered women inferior and many don’t have financial independence. Since there are fewer well-paying jobs for women, most of them rely on family members for financial support. This makes elderly women more vulnerable, forcing them into a ‘poverty trap’. 

To tackle the challenges of an aging population, India must take a multifaceted approach by creating more and more job opportunities for the older individuals. It will help the country grow as well as helping them to remain financially independent and contributing to the economy. The healthcare systems need urgent upgrades, advanced technology and special clinics for the elders to make the sector untouchable. 

Most importantly, the government must finalise strong policies for budgeting funds for the treatment and care of the aged. To put everything under a lens, an aging population can bring challenges as well as opportunities to grow. If the right steps are taken, we could see a massive increase in the economy and citizens possessing good lifestyles.