NITI Aayog pitches for tax reforms, mandatory saving plan, housing plan for elderly

NEW DELHI: Government think tank NITI Aayog has pitched for tax reforms, a mandatory saving plan, and housing plan for elderly in India, as the population of senior citizens is projected to reach 19.5 per cent of the country’s population by 2050.

In a report titled ‘Senior Care Reforms in India – Reimagining the Senior Care Paradigm’, NITI Aayog said a national portal for senior care must be developed for senior citizens to provide easy access of services to them.

“Since the social security framework in India is limited, most seniors depend on the income generated from their savings. Variable interest rates result in the erosion of their income, sometimes even below sustenance levels.

“Therefore, a regulatory mechanism is required to set a viable base rate for the interest accrued on senior citizen deposits,” the report said.

The report emphasised that giving a further concession to older women will contribute to their financial well-being.

The elderly in India currently comprises a little over 10 per cent of the population, translating to about 104 million, and is projected to reach 19.5 per cent of the total population by 2050.