Provide for old-age security in Budget

Abstract

There is a need to consider setting up think tanks to focus on medical, sociological and economic needs of the growing elderly population. The field of geriatrics is still in its infancy in India, despite the 11-crore elderly. The Budget discussions have started and the Union Government is consulting citizens for various budgetary proposals to enhance economic growth in the country. Actually, the Union Budget is not merely a statement of account but a statement that reflects the policy intentions of the Government.

While various trade, industry and commerce associations will pitch for benefits for their members, there is one segment of the society, the silent and unrepresented group of elderly, which can help in many ways. The elderly generally tend to spend, rather than save, on the family requirements, and help create a demand in the economy. This, in turn, is what helps in economic growth.

In India, there are estimated to be about 11 crore senior citizens in the age group of 60 years and above of which about 8 crore have no old-age security or pension, 5 crore sleep hungry, 3 crore live alone and 1 crore are going blind, with no means to afford treatment. Also, as women live longer than men, there are large number of female widows. Around 90 per cent of the elderly have to continue to work to eat because they have no alternative source of survival. Read more at: https://www.tribuneindia.com/news/archive/comment/provide-for-old-age-security-in-budget-174039