Forum Views - May 2024
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Feature
INDIA'S SILVER ECONOMY:
RETIREMENT TO REINVENTION
STRATEGY
OPERATIONS
TACTICAL REALITY
ith proper planning and foresight today, India's silver economy can significantly
contribute to the country's GDP in the coming days. Senior or Silver Citizens must
Wreimagine their next 40 years and actively participate in the new emerging
narrative as Contributors.
By enabling older adults to remain active and engaged members of society, economies can
benefit from their continued contributions through Retirement 2.0 - i.e., life post 80 years.
The concept of a silver economy is relatively new, but its potential impact is immense. In
simple terms, the silver economy refers to the economic contribution of senior citizens in a
country. With India's population rapidly aging, and we all see this trend among our families,
people live much longer, healthier, and more active lives than ever. The silver economy
could be vital to the country's economic growth. At Dhiraa, we believe that with proper
planning and foresight today, India's silver economy can significantly contribute to the
country's GDP in the coming days. But for this to happen, Silver Citizens (defined as
individuals over 60 years) today need to reimagine their next 40 years.
In their report "The New Map of Life, 100 Years to Thrive," The Stanford Centre on Longevity
states that by the middle of this century, living to 100 will become very common, reflecting
the doubling of human life expectancy between 1900 and 2000. The report emphasizes
that it is essential to invest in future centenarians by optimizing each stage of life so that
benefits can compound for decades ahead while allowing for more time to recover from
disadvantages and setbacks in the journey.
Societies and Silver Citizens must reinvent and optimize themselves in this new age.
Reinventing and optimizing through proper long-term financial fitness and upskilling will be
critical factors in achieving financial security over the long term. This is essential for
maintaining a high quality of life in retirement and avoiding financial strain on social
support systems. Let us explore the ramifications a bit further.
In India, the retirement age is 60 (Retirement 1.0), but with advancements in healthcare
and longevity, people are living much longer than before. As per the World Population
Prospects 2022 (United Nations, 2022), by 2050, the number of persons aged 65 years is
projected to be more than twice the number of children under age 5. Now, more than ever,
senior citizens have more productive years to actively contribute to the economy rather
than sit back and retire. There we are at a juncture where the silver economy comes in - it
provides various opportunities for seniors to continue working, earning, saving, and
investing while also allowing them to be flexible and comfortable in their way of living.
A report of the Expert Committee on Longevity Finance in 2022 aiming to chart a long-term
vision for setting up a Longevity Finance Hub in GIFT IFSC states "that Gift City IFSC could
take the lead in 'longevity,' a relatively unexplored way of looking at business, targeting
untapped customers and providing customized services. Progressive investment banks,
pension funds, and insurance companies are already developing new business models to
cater to the Longevity industry." So clearly, far-sighted governments, businesses, and
society are breaking the stereotype of the retired Indian today and are recognizing and
harnessing the silver economy's power for the country's betterment. This includes
initiatives such as age-friendly workplaces and homes, lifelong learning opportunities, and
The Power of the Silver Economy: Silver Citizens must reimagine their next 40 years.
Why Silver Economy: it's high time we say, Why Not?
'Retirement' is Just a Number
Beyond Consumers to Contributors: Recognize their contribution to the Economic
Bottom Line
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FORUM VIEWS - MAY 2024
MONA
KWATRA
Co-Founder
DHIRAA
SKILLDEV
PRIYA
SUBBARAMAN
Co-Founder
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