In this State of the Economy Podcast, PT Jyothi Datta explores the phenomenon known as the “silver tsunami,” in conversation with Saumyajit Roy, co-founder and Chief Executive of Emoha, a five-year-old company providing services for the elderly, including emergency and health-related support systems.

In 20 years, India will transition from having one in ten people being elderly to one in five. This demographic shift necessitates significant health-oriented support, besides societal and economic preparation. Roy points out that countries like Japan and parts of Europe, which are already seeing a high percentage of elderly citizens, offer a glimpse into future challenges, and opportunities India might face.

One major concern is healthcare, specifically geriatric care. Roy emphasises the importance of regular check-ups and proactive care to ensure a good quality of life for the elderly.

He notes that many health issues, such as dementia, don’t appear suddenly but progress over time. Therefore, the ability to act when people are in their late 50s, 60s, and 70s is crucial. This proactive approach can help elders age magnificently in their own homes, avoiding advanced health crises.

Discussing “silver economy,” Roy sees vast opportunities for businesses to innovate and provide better products and services tailored to this demographic. He mentions the importance of designing products with better customer experiences and integrating various stakeholders, such as healthcare providers, insurance companies, and financial institutions, to create comprehensive solutions for the elderly.

Technological advancements play a pivotal role in elder care. Roy explains how Emoha leverages medical technology to link elders’ homes, enabling regular health monitoring. Innovations like remote patient monitoring and emergency response systems are crucial in providing timely care and ensuring the safety of the elderly.

Looking ahead, Roy stresses the need for policy changes and infrastructure development to support the elderly. He suggests tax benefits and GST relaxations for elder care services to make them more affordable. Additionally, creating senior living facilities and transition models that blend staying at home with occasional daycare activities can provide a balanced approach to elder care.

Listen in!

Host: PT Jyothi Datta, Producer: Anjana PV, Siddharth Mathew Cherian

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

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