Longevity Finance Hub
Part of: GS Prelims and GS – III – Economy
In news International Financial Services Centres Authority (IFSCA) has constituted an Expert Committee to recommend approach towards development of Longevity Finance Hub in GIFT IFSC
- The expert committee is being co-chaired by Ms. Kaku Nakhate (Bank of America India Head) and Mr. Gopalan Srinivasan (former CMD, New India Assurance Company).
- International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
What is the need for Longevity Finance Hub?
- ‘Longevity Finance Hub’ will cater to the investment and wealth management needs of the ‘silver generation’ comprising individuals aged 60 years and older.
- Global estimates suggest that there are one billion people in the silver generation.
- Their combined spending power is worth $15 trillion and the size is ever expanding.
- Development in medicinal science and technology will support extending lifespan and longevity of the silver generation.
- It is estimated that by 2040, there will be more members of the silver generation than people under 20.
- This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products, thus necessitating the dedicated Longevity Finance Hub.
News Source: PIB