Care Business: With the rapidly increasing elderly population in India, these business options are opening up. Learn how you can earn money.

Recognizing the changing family dynamics in India, the market has found a new business opportunity within it. Yes, the care business has now become a major source of income for people. Let's learn more about it.

You may have heard many people say that old age is a bad thing. But have you ever wondered why this is said? In fact, in old age, a person may have a lifetime of money, but not people. Furthermore, with changing times, the structure and relationships of families are changing.

In this context, the situation of the elderly in India is even worse. In India, once considered a country of youth, the elderly population is rapidly increasing. Therefore, they need nothing more than emotional support, good health, someone to take care of them, and someone to talk to. Therefore, nowadays, the market has transformed the needs of the elderly into a business. Let's learn more about it.

What is the elderly population in India?

According to a UNFPA report, India currently has approximately 41% elderly people. According to this report, their number is expected to double rapidly by 2050, reaching 20% of India's total population. Meanwhile, the most worrying thing is that most of these people are now living alone and in need of support and care.

How did caring for the elderly become a business?

With changing times, society is also changing. Rural youth are moving to cities, and urban youth are busy earning money abroad, leaving their elderly parents alone at home. Furthermore, in old age, people need the same care and love as in childhood, which requires a caring partner. When family members are unable to stay with them, they hire caretakers for the elderly, and this is how this business is created.

How is income generated?

Caring for the elderly has become a business model these days. People involved in this business also earn income from it.

Home Care: Home care centers for the elderly in the city charge ₹300-600 per hour or ₹1,000 per day. In some places, the fee can range from ₹15,000 to ₹50,000.

Nursing Home: Nursing homes are also a popular business idea. Many people leave their elderly in their homes for care. Monthly caretaking charges can range from ₹30,000 to ₹1.5 lakh. The business of gadgets for the elderly is also quite profitable. Selling or renting items like wheelchairs and walkers can generate income.

How much investment will you need?

You'll need to invest money initially, but you'll see good returns later. First, you'll need to register and obtain a license for your nursing home or care home. Next, you'll need to set up an office. Then, advertise and promote your care home to make it more visible. After this, you will have to invest in working capital yourself. This will cost you between 75,000 and 175,000 rupees.