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SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal to support India’s elderly persons, recently seen in news, is an initiative of:
  • a)
    NITI Aayog
  • b)
    Union Ministry of social Justice and Empowerment
  • c)
    HelpAge India
  • d)
    None of the above
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal to su...
The Minister of Social Justice and Empowerment, launched the SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal to support India’s 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 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.
  • The SAGE portal has been prepared and finalised in record time by Mr. Chandrasekhar Buddha, CEO, NEAT, M/o Education along with Dr. Elengovan, Assistant Innovation Director, M/o Education.
  • The Ministry of Social Justice & Empowerment will act as a facilitator for this scheme.
  • A fund of uptoRs.1 crore as one-time equity will be granted to each selected start-up.
    1. An amount of Rs 100 crore has been assigned for the promotion of the silver economy.
    2. An allocation of Rs 25 crores has been made for the SAGE project in the current financial year i.e 2021-22.
Statistics
  • 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.
  • Accordingly, there is an urgent need to create a more robust elder care ecosystem in India
  • Earlier a Senior Citizen Welfare Fund was started in 2016.
Hence, option (b) is the correct answer.
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