NITI Aayog pitches for tax reforms, housing plan for elderly

Government think tank NITI Aayog has pitched for tax reforms, mandatory saving plan, and housing plan for senior citizens 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.