Union Budget 2024: How Modi Government's Planning To Boost Elder Care?

How will the upcoming budget transform the lives of senior citizens in India? What new measures are being proposed to address the needs of the elderly? Could the Modi government’s new policies be a game-changer for healthcare, financial security, and eldercare infrastructure?

Well! Let us tell you that India is on the brink of a demographic shift, with its elderly population set to surge from the current 138 million to an estimated 194 million by 2031. According to the Report of Technical Group on Population Projections, the population of senior citzens by the year 2036 will be 22.7 crore amounting to 14.9% of the total population.

Union Budget 2024

Now, reports hint that Modi Government is in mood to take this shift into consideration in the upcoming budget. Yes, after a resounding third term victory, the Modi government is set to unveil a fresh Union Budget with a focus on senior citizens.

Reportedly, a comprehensive policy is in the works to address the needs of India's rapidly aging population. What's there in the policy for elderly? TICE.News will tell!

Expanding Healthcare Access: Ayushman Bharat for All Seniors?

The government is mulling over expanding the popular Ayushman Bharat PM Jan Arogya Yojana to cover all senior citizens. This would grant them access to free and high-quality medical care. Additionally, the program might be broadened to include non-medical and in-home care needs.

Financial Security: Higher Pensions and Stronger Social Safety Nets

A substantial increase in senior citizen pensions is on the table to combat inflation and ensure financial security. The current Indira Gandhi National Old Age Pension Scheme offers a meager Rs. 200-500 per month. The government is considering revising these amounts and may even explore additional social security benefits.

Focus on Eldercare Infrastructure: Regulatory Framework for Senior Living Facilities

The government is in talks with the private sector to develop a targeted health insurance product specifically designed for senior citizens. Additionally, a regulatory framework is being drafted for the real estate sector to encourage the creation of dedicated senior care facilities, including elderly housing options.

Legal Safeguards and Digital Literacy: A Well-Rounded Approach

Strengthening the existing Maintenance and Welfare of Parents and Senior Citizens Act is another key aspect of the proposed policy. This would include provisions for protection against abuse, harassment, and neglect, along with ensuring proper care and maintenance for the elderly.

Recognizing the digital divide, the government might launch initiatives to bridge the technological gap for senior citizens. This could involve digital literacy programs and user-friendly interfaces for accessing various services.

A Growing Need: India's Aging Population

India's demographic shift is driving the need for robust senior care policies. NITI Aayog predicts that by 2050, senior citizens will comprise nearly 20% of the population, compared to 10% currently. This translates to a projected industry size of $7 billion, highlighting the immense potential of the elder care sector.

The current National Programme for Healthcare of the Elderly and the National Action Plan for Senior Citizens are positive steps, but the upcoming policy promises a more holistic approach to senior well-being. With the budget just around the corner, senior citizens across India have reason to be optimistic about their future.

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