Silver economy
Also called: Longevity economy · Topic: Sectors of the Indian Economy · NCERT: Beyond NCERT
Meaning
The silver economy covers the products and services made for older people. It grows as the share of elderly people in the population rises. It includes eldercare, geriatric health care (medical care for the elderly), health insurance for the aged, assistive devices such as hearing aids, and reverse mortgages. A reverse mortgage is a loan in which an elderly person gets regular payments against their house. The silver economy matters for jobs, business and planning in an ageing India.
Example
Elderly people were about 10.5% of India's population in 2022. This share is projected to reach about 20.8% by 2050 (UNFPA India Ageing Report 2023). Government support includes the SAGE startup portal for elder-care businesses and PM-JAY health cover for everyone aged 70+ since 2024.
Don't confuse with
- Care economy: care for all groups, including children and the sick, and much of it is unpaid. The silver economy is a market of goods and services focused only on older people.