Vast Scope In Eldercare, Says ASLI At Its Ageing Festival

New Delhi, November 17, 2023: Top industry officials on Friday termed the eldercare sector, which is undergoing a huge transformation, as a big emerging market with India ready to play a pivotal role by providing a vast space of opportunities to investors. 

“The senior care industry in India holds immense potential, but we acknowledge the challenges it faces, be it regulatory frameworks or infra development. We are dedicated to advocating transformative approaches that prioritize well-being and dignity of senior,” said Adarsh Narahari, Chairman, Association of Senior Living India (ASLI) at the 4th ASLI Ageing Fest in the national capital. 

The United Nations projects that India will become home to one of the world’s largest elderly populations by 2050, with an estimated 319 million individuals aged 60 and above. 

Morgan Stanley’s Executive Director, Neha Saraf said that the eldercare sector is very large with humungous opportunities, yet it is at a very nascent stage. “We need to first understand the need and want of this sector and then begin with addressing the need first and it will itself graduate towards the want,” Saraf said.

Lightrock India partner Saleem Asaria felt there is still a need to do lot more in this sector which can excite an investor. “India is phenomenal and has whole space of opportunities. The 500 million investment is not going to even touch the surface. The companies need to articulate their vision. There is a very big opportunity of investing but a lot has to be first done to make that happen,” Asaria said.

Venture Highway, Investor, Priya Mohan feels that building trust is very important in this sector. “The population we are looking at is experienced and mature. They won’t spend money on anything which is frivolous. So we need to work on building that trust first,” she stated. 

The second roundtable discussion among the panelists was on the ecosystem of senior living during which Alternatives India MD Karan Singh Sodhi said that he believes very positively about the healthcare sector and feels there are humungous opportunities in the segment. 

“We are 310 million senior population. The population will increase. By 2050, one of every 5th Indian is going to Senior. The opportunity is humongous,” Sodhi said. 

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Aloke Bhuniya, CEO of Ascendas-Firstspace, said that a year down the road, the investors will be having a better understanding of this sector. “It is an emerging market but what this sector is going to become in next 20-30 years will be completely different,” Bhuniya underlined.  

Previously considered a luxury, senior care services are being termed as a necessity. Families are willing to spend on healthcare, assisted living, and other senior care options to ensure the well-being of their elderly loved ones. 

GMR’s Chief Business Officer Sumit Anand said that as Indian society is changing, senior living is going to be more important. “GMR I think has some background in this urban infrastructure and we would like to combine and contribute to this sector,” he stated.