New Delhi : With an increasing population of senior citizens in India, the silver economy is set for a rapid expansion and growth, said the government on Tuesday. 'Silver economy’ is an economy driven by goods and services designed to meet the needs of the elderly, typically those over 50 years of age.

As per the Ministry of Health and Family Welfare-led 'Population Projection' July 2020 report, the elderly population (60 years and above) in the country is projected to more than double from 100 million in 2011 to 230 million by 2036. The 2021 Longitudinal Ageing Study of India (LASI) reveals that 12 per cent of India’s population comprises elderly individuals, a proportion projected to rise to 319 million by 2050, growing at an annual rate of approximately 3 per cent. Read Also Mahara

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