Bengaluru, 6th December 2024: The Association of Senior Living India (ASLI) organised the 5th edition of the ASLI Ageing Fest —a flagship event organised by ASLI, the umbrella body for India’s senior care industry— in Bengaluru on Friday. Several leading senior care industry experts highlighted the sector’s vast opportunities.
“India is on the brink of a demographic transformation, with 135 million seniors today and projections showing that by 2050, one in five Indians will be a senior citizen. Yet the sector has a mere 1.3% penetration, while mature markets are at 6%, presenting a remarkable $10–15 billion opportunity for the senior living sector. There’s a need to work with government bodies for a robust regulatory framework to help unleash the true potential of the senior living sector. The private sector also has a pivotal role in creating world-class senior living solutions that address the evolving needs and aspirations of this dynamic population,” said Mr. Rajit Mehta, Chairman, ASLI, MD & CEO, Antara Senior Care, in his opening remarks at the 5th Ageing Fest.
On the Fest, Mr. Mehta said, “The 5th ASLI Ageing Fest is a marquee event of the year, which acts as a transformative platform for senior care in India spotlighting the building blocks of innovation, retirement financing and technology. It unites industry leaders, experts, government bodies, investors, and businesses, fostering collaboration to shape the future of senior care in India. The fest provides a platform for meaningful dialogue between all stakeholders culminating with key actions that could facilitate policy-making and drive impactful initiatives to shape the future of senior care.”
Delivering the main address at the fest, Dr. VK Paul, Member, NITI Aayog, welcomed suggestions on improving senior care in India. “We have seniors who have contributed to building this nation, and they need special measures, a special touch and a comprehensive response to their care. Towards this, we welcome your suggestions on how to fashion a response, keeping their physical, digital and financial security in mind. The expectations of the government, from institutions like the ASLI, are higher than ever, and we welcome your ideas, which will help us draft policies in line with our goals and societal values,” Dr. Paul said.
He also touched upon the work of the NITI Aayog in framing a comprehensive recommendation on senior citizen welfare for the government’s consideration. “There is a need to put in more energy, resources, and participation. The moment has arrived,” Dr. Paul added.
Ahead of the fest, ASLI also released findings from a survey that explores India’s senior population’s priorities, behaviours, and aspirations, with McKinsey & Company as knowledge partners. The survey highlights that seniors are focused on ‘ageing well’ rather than merely living long. Mental and cognitive health ranks as their top concern alongside physical health and mobility, with financial security, safety, and combating loneliness also emerging as critical challenges.
Additionally, the survey sheds light on seniors’ growing tech savviness, with over half using smartphones for online shopping and content consumption on platforms like WhatsApp and Facebook. At the same time, trust in healthcare remains a pressing concern, with seniors citing the need for reliable doctors and concerns about overmedication. These findings come as India’s senior care sector undergoes a remarkable transformation, integrating housing, healthcare, and hospitality to address the complex needs of its ageing population. The survey was conducted with senior citizens staying at the ASLI member’s senior living communities across India.
Mr. Ankur Gupta, Co-Founder, ASLI and Joint Managing Director of Ashiana Housing, emphasised, “The ASLI survey is a wake-up call for all stakeholders to acknowledge the shifting priorities of India’s senior population. As the senior care industry continues to grow and mature, it’s essential that we prioritise the holistic well-being of seniors, encompassing their physical, emotional, and social needs”.
The survey’s findings underscore the need for a comprehensive ecosystem supporting seniors in their ageing journey. This includes creating age-friendly infrastructure, fostering social connections, and providing access to quality healthcare. As India prepares to capitalise on the opportunities presented by the Silver Economy, it’s crucial that we work together to create a society that values, respects, and supports its elderly population. By doing so, we can empower seniors to live fulfilling lives and create a better future for future generations, added Mr. Gupta.
Speaking at the inaugural in a fireside chat, Mr. Nitin Kamath, Founder and CEO, Zerodha, said, “The areas of focus in the future will be on medical care management and nutrition for senior citizens. While this generation of senior citizens might not adopt AI, caregivers can increase efficiency by adopting automated tools and AI.”
With seniors projected to comprise 20.8% of India’s population by 2050—amounting to 347 million individuals—and their spending expected to exceed USD 1 trillion by 2030, the sector is poised for significant growth. The 5th Aging Festival served as a platform for stakeholders to explore whether India is ready to capitalise on the opportunities presented by the Silver Economy.
The 5th ASLI Ageing Fest also featured four interesting panel discussions with leading experts, focussing on financial freedom for senior citizens, investing in senior care, building capacity for the sector and AgeTech.
