From UPSC perspective, the following things are important :
Prelims level : SAGE Initiative
Mains level : Old age security
The Ministry of Social Justice and Empowerment has launched the SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal for elderly persons.
- The SAGE will be a “one-stop access” of elderly care products and services by credible start-ups.
- The start-ups will be selected on the basis of innovative products and services.
- Their products 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.
- The start-ups who have applied will be selected by an independent screening committee of experts.
- A fund of upto Rs.1 crore as one-time equity will be granted to each selected start-up.
Why need such initiative?
- India’s elderly population is on the rise 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 eldercare ecosystem in India, especially in the post-COVID phase.