Friday , June 14 2024

NITI Aayog emphasizes on tax reforms, mandatory savings and housing scheme for the elderly

NITI Aayog has emphasized on tax reforms, compulsory savings and housing schemes in view of the increasing number of elderly people. According to the Commission, by 2050 the number of senior citizens in the country's population will increase to 19.5 percent.

NITI Aayog has said in a report that there is a need to develop a national portal to ensure easy access to services for senior citizens.

The report said the social security structure in India is limited, but most senior citizens depend on income from their savings. Their income decreases as interest rates decrease. Sometimes it is even less than the cost of living.

This is why the report says there is a need to create a regulatory framework to fix the minimum interest rate for senior citizens on their savings.

The report titled 'Senior Care Reforms in India – Reimagining the Senior Care Paradigm' said that giving more concessions to senior women will improve their financial condition.

At present the number of senior citizens in India is more than 10.4 crores i.e. 10 percent of the total population. By 2050, the proportion of senior citizens in India will increase to 19.5 percent.