New Delhi [India], October 1 : Emphasising the significance of financial security for senior citizens, Chief Economic Advisor V Anantha Nageswaran has stressed that long-term savings will be essential to maintain living standards as the country's elderly population grows in the coming decades.
"We have enormous responsibility towards the population at large and also to remind the importance of savings," he said, speaking at the 'NPS Diwas Conference on 'Inclusive Pensions, Innovative Solutions: Strengthening Retirement Security In India.'
By 2050, the world's population of people aged 60 years and older is expected to double (2.1 billion), according to WHO. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
The population of senior citizens in India is projected to grow from 10.4 crore in 2011 to nearly 32 crore by 2050. Nageswaran said this demographic transformation makes it imperative to strengthen a culture of savings.
The CEA noted that changing lifestyles and consumption patterns have reduced people's inclination to save, making a mindset shift towards long-term financial planning critical.
He added that the government has been working to boost savings indirectly by focusing on economic growth, employment, and rising incomes. Measures such as recent tax cuts and the containment of inflation, he said, have increased disposable income, allowing households to save more.
Nageswaran also highlighted the government's push for schemes like the Atal Pension Yojana, which promote retirement security. Such initiatives, he said, not only help individuals build financial resilience but also reduce the future burden on families and the state.
Calling for collective responsibility, he urged citizens to adopt a forward-looking approach: "Celebrating Pensions Day is not just a ritual but a reminder that today's savings are tomorrow's security."