The Ministry of Social Justice and Empowerment has launched the SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal for elderly persons.
The SAGE portal will be a “one-stop access” of elderly care products and services by credible start-ups. The SAGE portal will be opened for applications from 5th June, 2021 onwards. The start-ups will be selected on the basis of innovative products and services, which they should be able to provide across sectors such as health, housing, care centers, apart from technological access linked to finances, food and wealth management, and legal guidance.
Start-ups can apply for being a part of SAGE through a dedicated portal, which will be open from June 5. The start-ups will be selected by an independent screening committee of experts. A fund of uptoRs.1 crore as one-time equity will be granted to each selected start-up.
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 these identified start-ups. India’s elderly population is on the rise, and 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. There is an urgent need to create a more robust elder care ecosystem in India, especially in the post-COVID phase.
The EEC report has highlighted that the business opportunities in this space could emerge from social enterprises (non-profits, informal networks), technology start-ups (fintech, adtech, foodtech, healthtech, wealthtech), legal and financial services (planning solutions, insurance, medico-legal) and infrastructure and managed-care systems (senior housing, living facilities, care centres). Research and data-driven organizations and incubators of social enterprises are also expected to come forward to be a part of SAGE.
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Source : PIB