Answer:

Introduction:

Globalization means growing interdependence and integration of economies, societies and cultures from across the world. It is brought about by cross border trade of goods, services and technology and flow of investment and people.

According to the National Commission on Population, the share of the elderly in India’s population, close to 9% in 2011, is growing fast and may reach 18% by 2036. This shift is a result of a combination of factors, including increased life expectancy and declining birth rates.

Body:

Globalization has played a role in these demographic changes. This can be seen as follows:

• Health: Aged citizens are the most in need of care. Globalization has led to the induction of advanced medical technologies in India. They have decreased costs and increased accessibility to health care for the elderly. It has doubled the average life expectancy of the Indian population. But healthcare has become commercialized due to globalization and the elderly find it to be unaffordable.
• Family: Globalization has led to the rise of nuclear families. The aged members are increasingly secluded from families. They are often left at old age centers or under the care of paid home-nurses.
• Economic impact: Globalization has increased opportunities in business whereby the elderly are able to put to use their knowledge and experience across the globe from the confines of one’s house. It has increased avenues for diversification of retirement investments but the elderly lack awareness and are risk averse.
• Impact of inflation: Globalization has also led to faster inflation whereby the elderly population find their savings to be too little for their sustenance. The lack of social security measures and erosion of traditional family support adds to it. This has led to increased anxieties.
• Culture Shock: Globalization has significantly altered the way of life in India. The rapid cultural shock that the elderly experience because of globalization has led them into a trap of anxiety.
• Technology: Globalization has led to a rapid rise in Information Communication Technology (ICT). Elderly are often technology averse and reluctant to embrace change.

Conclusion:

As India continues to grapple with the challenges of an aging population, it will be important to find ways to address the negative effects of globalization while harnessing its positive impacts. If India is to ensure a decent quality of life for the elderly in the near future, planning and providing for it must begin today while using the tools of globalization to help the aged population use their skill sets to its maximum potential.