START-UPs- The SAGE portal will be a “one-stop access” of elderly care products and services by credible start-ups – portal will be opened for applications from 5th June, 2021 onwards-Rs.1 crore as one-time equity will be granted to each selected start-up
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.
News Punjab
New Delhi – The Minister of Social Justice and Empowerment, Shri ThaawarchandGehlot virtually launched the SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal for elderly persons today in the presence of Ministers of State for Social Justice and Empowerment Shri RamdasAthawale and Shri Rattan LalKataria. Secretary, Deptt of Social Justice , Sh R Subrahmanyam gave the introductory remarks.
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.
Shri RattanlalKataria said that there is an urgent need to create a more robust eldercare ecosystem in India, especially in the post-COVID phase.
Keeping this need in mind, an amount of Rs 100 crore has been assigned for the promotion of the silver economy, the Minister disclosed. The start-ups selected under SAGE will be those which will provide new innovative products and services to elderly persons in various areas like health, travel, finance, legal ,housing, food among others.
In his introductory remarks, Sh R Subrahamanyam explained that the Government has now expanded its scope of supporting elderly persons not only through NGOs but generating multi-pronged interventions for them through innovative ways. The Ministry has designed SAGE programme as per the suggestions of the Empowered Committee on start-ups for the elderly to solicit the involvement of youth and their innovative ideas for elderly care. This will help to make the programmes for elderly care a national movement than just a government programme, the Secretary added.
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.