KOCHI: The fact that Kerala is ageing is undeniable, and it is good that the state government has recognised the need to develop the silver economy to cater to the needs of the elderly, said industry experts.
However, they pointed out that other than the mention of a Rs 10 crore allocation for the operational activities of the department of elderly welfare, the budget only speaks of developing the silver economy, which encompass necessary institutions, financial assistance mechanisms to enhance purchasing power, entrepreneurship programmes, and the strategic utilisation of the vast expertise of senior citizens.
Babu Joseph, president, Senior Living Association of Kerala (SLAK), said the silver economy is a sector that requires careful study. “It will not only prove to be a means of earning revenue for the state government but also create new job opportunities. However, this is one sector which at present faces a lot of limitations. Hence, as the finance minister said in his budget speech, an exhaustive, statewide survey is needed regarding the implementation priorities and modalities of this initiative,” he said.
He highlighted how the association had submitted a proposal to the government regarding the silver economy. According to the proposal, the data from the ministry of statistics and programme implementation has confirmed that Kerala’s senior citizen population will climb to 76.53 lakh by 2031.
SLAK highlighted how the state could be turned into a global retirement destination due to its advanced medical infrastructure, internationally recognised healthcare ecosystem, availability of highly qualified healthcare professionals, affordable cost of living and established reputation for compassionate care and wellness services.