Start-up Ecosystem In India

[pib] SAGE (Senior-care Ageing Growth Engine) Initiative

Note4Students

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.

SAGE Initiative

  • 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.
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