Policy reforms and changing intergenerational support of elderly in India.

Post 2005 in India, a number of public policy initiatives were introduced to strengthen existing programs for welfare of the ever-increasing population aged 60 years and older. Using a National Transfer Accounts framework, this paper attempts to assess the implications of policy changes by evaluating changes in lifecycle deficit and changes in public and familial support of the elderly especially in meeting their lifecycle deficit between 2004 and 05 and 2011–12. It found that labour income of the elderly increased marginally during 2004–2012, but the level of consumption of the elderly marginally slipped down. Lifecycle deficit (LCD) of the elderly population aged 60 years and older declined due to the intertwining effect of increased labour income and declining consumption. Familial support to the elderly did not improve between 2004 and 2012, instead their net contribution to intra-household transfers is greater than their benefits. Asset based reallocation remains the main source of financing the LCD of the elderly. Benefits of the elderly in meeting their lifecycle deficit from policy changes is nominal. [ABSTRACT FROM AUTHOR]