Sage Seniorcare Ageing Growth Engine

Sage Seniorcare Ageing Growth Engine is an initiative of the Ministry of Social Justice and Empowerment to promote products and services for elderly care and provide a platform for such products, services and solutions.

The initiative was launched in June 2021, by Shri Thaawarchand Gehlot, Minister of Social Justice and Empowerment. It was announced that the Sage portal would be open for applications the day after the initiative was launched.

What is Sage Seniorcare Ageing Growth Engine?

Sage Seniorcare Ageing Growth Engine is an initiative to create a one-stop portal for products and services for elderly persons and senior care. It will provide a centralised portal for start-ups to offer their products and services to elderly people.

The Ministry of Social Justice and Empowerment would facilitate the process and ensure that the products, services and solutions are made accessible and available to a large number of people.

Objectives of Sage Seniorcare Ageing Growth Engine

The objectives of Sage Seniorcare Ageing Growth Engine are given below.

• Sage Seniorcare Ageing Growth Engine aims to identify, evaluate, aggregate, and deliver products, solutions, and services directly to elderly consumers (or their caretakers or other stakeholders)
• The main objective is to promote the ‘Silver Economy’ by encouraging start-ups and entrepreneurs to enter the market by providing senior care products and services
• The 'Silver Economy' refers to the production and consumption of goods and services that are targeted at elderly people and their specific needs so as to utilise the purchasing potential of this segment of the population

Facts About Sage Seniorcare Ageing Growth Engine

The key facts about Sage Seniorcare Ageing Growth Engine are as follows:

• The SAGE portal was opened to applications on June 5th, 2021
• The start-ups would be selected on the basis of innovative products and services as well as the start-up's access to technological and financial resources
• They would also be selected on the basis of their ability to provide these products and services across different sectors such as health, housing, elderly care centres
• The government would support selected companies with equity participation up to Rs. 1 Crore
• Their products and services would be showcased and offered on the SAGE platform
• The government has allocated Rs 25 crores for the SAGE project in the financial year 2021-22
• The initiative is based on the recommendations of the Empowered Expert Committee (EEC) which gave a report on start-ups for elderly care.

Benefits of Sage Seniorcare Ageing Growth Engine

The benefits of Sage Seniorcare Ageing Growth Engine are as follows:

• The initiative has the potential to benefit elderly people and other concerned stakeholders, by offering them a wide choice of products and services to match their requirements
• It serves as a one-stop portal for elderly care products and services
• It would encourage entrepreneurs and start-ups to enter the "silver economy" and thereby promote business innovation as well as improve the quality of senior care products and services

The Sage Seniorcare Ageing Growth Engine has the potential to bring together business initiatives in the space of elderly care. The EEC report stated that opportunities in this space could come from social organisations like non-profits, technology start-ups, legal and financial services, and infrastructure and managed-care systems such as housing and care centres.

There is a need to bring more accessible and quality products and services to elderly people in India. The Sage initiative offers a centralised way to address this growing demand and develop the market potential of the silver economy in India.

FAQs on Sage Seniorcare Ageing Growth Engine

Q.1. What is Sage Seniorcare Ageing Growth Engine?

Sage Seniorcare Ageing Growth Engine is an initiative to create a one-stop portal for products and services for elderly persons and senior care.

Q.2. Which Ministry launched the Sage Seniorcare Ageing Growth Engine initiative?

The Ministry of Social Justice and Empowerment launched the Sage Seniorcare Ageing Growth Engine initiative.

Q.3. When was the Sage Seniorcare Ageing Growth Engine launched?

The Sage Seniorcare Ageing Growth Engine was launched in June 2021.

Q.4. Which Minister launched the Sage Seniorcare Ageing Growth Engine initiative?

Shri Thaawarchand Gehlot, the Union Minister of Social Justice and Empowerment launched the Sage Seniorcare Ageing Growth Engine initiative.

Q.5. What is the 'silver economy' that Sage Seniorcare Ageing Growth Engine aims to encourage?

The 'Silver Economy' that Sage Seniorcare Ageing Growth Engine aims to encourage is the production and consumption of goods and services that are targeted at elderly people and their specific needs so as to utilise the purchasing potential of this segment of the population.