What is the News?
The Union Minister for Social Justice and Empowerment has launched the (Seniorcare Ageing Growth Engine) SAGE Initiative and SAGE portal for elderly persons.
About SAGE Initiative and SAGE Portal:
- SAGE Initiative and SAGE Portal have been launched with an aim to provide “one-stop access” for elderly care. The portal will provide access to all elderly care products and services developed by credible start-ups.
- Launched by: Ministry of Social Justice and Empowerment (MoSJ&E)
Key Features of the Initiative:
- Helping start-ups: The initiative aims to help startups that are interested in the field of providing services for elderly care.
- Selection of start-ups: Start-ups will be selected by an independent screening committee of experts.
- Basis of selection: The committee will select the startups on the basis of their innovative products and services across sectors. Such as health, housing, care centres and technological access linked to finances, food, wealth management and legal guidance.
- Fund: A fund of up to Rs 1 crore as one-time equity will be granted to each selected start-up.
- Ministry will act as a facilitator: After the product is made, the Ministry of Social Justice will act as a facilitator enabling the elderly to access these products.
What was the need for this initiative?
- There has been a rise in India’s elderly population.
- 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.
Hence, there is an urgent need to create a more robust elder care ecosystem in India, especially in the post-COVID phase.