Launch of SAGE (Seniorcare Ageing Growth Engine) Initiative
Part of: GS Prelims and GS -II – Policies and interventions
- SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal were launched recently.
- Ministry: Ministry of Social Justice and Empowerment,
- Objective: To support India’s elderly persons
About the initiative:
- The SAGE portal will be a “one-stop access” of elderly care products and services by credible start-ups.
- The start-ups selected under SAGE will be those which will provide new innovative products and services to elderly persons in various areas like health, travel, finance, legal ,housing, food among others.
- The Ministry of Social Justice & Empowerment will act as a facilitator for this scheme.
- A fund of upto Rs.1 crore as one-time equity will be granted to each selected start-up.
- An amount of Rs 100 crore has been assigned for the promotion of the silver economy.
Important value additions
- Silver economy is the system of production, distribution and consumption of goods and services aimed at using the purchasing potential of older and ageing people and satisfying their consumption, living and health needs.
- As per surveys, the share of elders, as a percentage of the total population in the country, is expected to increase from around 7.5% in 2001 to almost 12.5% by 2026, and surpass 19.5% by 2050.
- Earlier a Senior Citizen Welfare Fund was started in 2016.