Seniorcare Aging Growth Engine Initiative
Recently, the Ministry of Social Justice and Empowerment virtually launched the SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal for elderly persons.
An amount of Rs. 100 crore has been assigned for the promotion of the silver economy.
- Silver economy is the system ofproduction, 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.
- The silver economy isanalyzed in the field of social gerontology (study of aging) not as an existing economic system but as an instrument of ageing policy and the political idea of forming a potential, needs-oriented economic system for an aging population.
- Its main element is gerontechnology(Technology pertaining to aged people) as a new scientific, research and implementation paradigm.
- TheSAGE portal will be a “one-stop access” of elderly care products and services by credible start-ups.
- It has been launched with a view to help such persons who are interested in entrepreneurship in the field of providing services for elderly care.
- The SAGE project aims to identify,evaluate, verify, aggregate, and deliver products, solutions and services directly to the stakeholders. The Ministry will act as a facilitator, enabling the elderly to access the products through identified start-ups.
- Start-ups can applyfor being a part of SAGE through a dedicated portal.
- The start-ups selected under SAGE will be those which will provide new innovative products and services to elderly persons invarious areas like health, travel, finance, legal, housing, food among others.
- An allocation of 25 croreshas been made for the SAGE project in the current financial year i.e 2021-22.