New Delhi, Oct 28 : With an increasing population of senior citizens in India, the silver economy is set for a rapid expansion and growth, said the government on Tuesday.

'Silver economy' is an economy driven by goods and services designed to meet the needs of the elderly, typically those over 50 years of age.

As per the Ministry of Health and Family Welfare-led 'Population Projection' July 2020 report, the elderly population (60 years and above) in the country is projected to more than double from 100 million in 2011 to 230 million by 2036.

The 2021 Longitudinal Ageing Study of India (LASI) reveals that 12 per cent of India's population comprises elderly individuals, a proportion projected to rise to 319 million by 2050, growing at an annual rate of approximately 3 per cent.

This rapid demographic transition offers tremendous growth potential for health and wellness-focused enterprises.

It includes support that prioritises family and community-led initiatives while ensuring financial security, digital literacy training, long-term care insurance, digital healthcare access, assistive technologies, and engagement platforms are crucial for effectively integrating older adults into the silver economy.

'India's silver economy is valued at approximately Rs 73,000 crore in 2024, with projections indicating substantial multi-fold growth in the years ahead. Research identifies senior citizens, along with professionals in the 45 to 64 age bracket, as the 'wealthiest age cohort' globally,' the statement said.

'This burgeoning silver economy creates substantial opportunities for businesses and organisations dedicated to addressing the needs and preferences of the elderly demographic. The market is poised for rapid expansion both domestically and internationally, presenting considerable scope for innovation and development within this sector,' it added.

Meanwhile, in a bid to tackle the challenges encountered by the elderly population, the government has undertaken numerous initiatives, policies, and action plans.

The Ministry of Social Justice and Empowerment (MoSJE) serves as the nodal ministry entrusted with the responsibility of ensuring the welfare of senior citizens in India.

Key initiatives promoting the care, well-being, and dignity of senior citizens include the Atal Pension Yojana (APY), the Atal Vayo Abhyuday Yojana (AVYAY), the Integrated Programme for Senior Citizens (IPSrC), and the Rashtriya Vayoshri Yojana.

Further, the government has also constituted a dedicated helpline toll-free number 14567, a Senior Care Ageing Growth Engine (SAGE) Portal, Senior Able Citizens for Re-Employment in Dignity (SACRED) Portal, Geriatric Caregivers Training, and the Ayushman Bharat 'Pradhan Mantri Jan Arogya Yojana (PMJAY) to boost the health and well-being of the elderly in the country.

/IANS