Addressing a function, he said there is a need to sensitise various strata of society, especially younger generation, to challenges of social isolation, neglect, care and emotional support being faced by elderly people.
Mukherjee said both the voluntary and corporate sectors must also be encouraged to set up institutional care centres to make available comprehensive care, including geriatric healthcare facilities, to the inmates.
The elderly face a plethora of physical problems, including reduced physical strength, decreased immunity, aggravation of ailments already present, onset of sensory and motor disabilities, weakened memory and a slide in intellectual prowess, he said.
"It is important that institutions to provide geriatric care be established, strengthened and made more affordable for the common man," the President said during a function organised by the Ministry of Social Justice and Empowerment to honour senior citizens.
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Citing the Indian tradition of respecting and caring for elders and terming elderly the most valuable part of the family, he said that society "must not let this socio-cultural asset of ours wither away".
October 1 is observed as the International Day of Older Persons.