The Indian government, through the Ministry of Social Justice and Empowerment, has been instrumental in initiating various programs focused on the senior citizens of the country. With projects like the Seniorcare Ageing Growth Engine(SAGE) Portal, Senior Able Citizens for Re-Employment in Dignity (SACRED) Portal, and Atal Vayo Abhyuday Yojana (AVYAY), it has been fostering innovation, providing employment opportunities, and ensuring the overall well-being of the elderly population.
Understanding SAGE Portal
The SAGE Portal acts as a significant catalyst in inviting entrepreneurs and start-ups to invest in the “silver economy” segment, thereby encouraging innovation in elderly care solutions. By offering “one-stop access” to stakeholders, including senior citizens and their families, they can explore and avail of a broad spectrum of products and services according to their needs.
Start-ups or start-up ideas listed under SAGE receive equity support of up to Rs. 1 crore per project through the Industrial Finance Corporation of India (IFCI), with the condition that the total government equity does not exceed 49%.
Decoding Silver Economy
Silver economy refers to the system of goods and services produced, distributed, and consumed by older and ageing people. It utilizes their purchasing potential and caters to their consumption, lifestyle, and health requirements. Gerontechnology stands as the core element of this economy, opening up new arenas of scientific research and implementation.
About SACRED Portal
The SACRED Portal is designed to empower senior citizens and provide them with re-employment opportunities. This portal specifically targets individuals aged 60 years and above and considers their preferences and skills to offer suitable work options.
