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The Indian senior living sector, valued at approximately $10.15 billion in 2022, is poised for robust growth, projecting a steady compound annual growth rate (CAGR) of 10 percent over the next six to eight years, as per data from the Association of Senior Living India (ASLI). Adarsh Narahari, Chairman of ASLI and Managing Director of Primus Senior Living, emphasized that by the year 2030, one in every five Indians will have reached the age of 55 or older, a demographic shift that underscores the substantial market to be addressed. Catering to the requirements of elderly citizens is not only a societal obligation but also a substantial economic prospect.
To illuminate the investment opportunities in the rapidly growing senior care sector and cater to the changing requirements of the elderly population, ASLI has unveiled the fourth edition of the "ASLI Ageing Fest—Unlocking India's Senior Care Investment Potential," slated for November 17 in Delhi. This announcement coincided with the observance of the "International Day of Older Persons" on September 27. During the occasion, Saurabh Garg, Secretary of the Ministry of Social Justice and Empowerment, outlined the government's commitment to supporting senior living, including operating a 24/7 helpline offering counselling services to the elderly and extending financial support to start-ups interested in the sector.
The United Nations Department of Economic and Social Affairs Population Division reports that India is experiencing a profound shift in its demographic landscape. The proportion of citizens aged 60 and above is expected to surge from 8.6 percent of the population in 2011 to a projected 19.5 percent by 2050. Narahari drew attention to the expected dramatic increase in the spending power of India's senior citizens, with estimates indicating a rise from $100 billion in 2020 to a staggering $1 trillion by 2030. This demographic shift has piqued the interest of investors and businesses keen on capitalizing on the evolving requirements of India's ageing populace. The potential for senior living in the real estate sector is also on the ascent.
The ASLI Ageing Fest 2023 is designed to serve as a forum that brings together government stakeholders, investors, businesses, and innovators to collaborate and innovate within the senior care sector. Ankur Gupta, Co-Founder of ASLI and Joint Managing Director of Ashiana Housing Limited, a real estate firm with a presence in the senior and assisted living segments, emphasized the burgeoning demand for lifestyle, travel, health, medical, and senior living services. As Indians enjoy longer and healthier lives, the private sector must fortify its capabilities to cater to this mounting demand.
Rajit Mehta, Chairman-Elect of ASLI and MD & CEO of Antara Senior Care, emphasized that India's senior living industry offers significant potential but faces challenges. These challenges include regulatory frameworks, societal perceptions, and infrastructure development. ASLI is dedicated to advocating for a transformative approach that prioritizes the well-being and dignity of seniors, ensuring that their golden years are truly golden as these obstacles are navigated.
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