Seniorcare Aging Growth Engine Initiative | 05 Jun 2021

Why in News

Recently, the Ministry of Social Justice and Empowerment virtually launched the SAGE (Seniorcare Aging Growth Engine) initiative and SAGE portal for elderly persons.

  • An amount of Rs. 100 crore has been assigned for the promotion of the silver economy.

Silver Economy

  • Silver economy is the system of production, distribution and consumption of goods and services aimed at using the purchasing potential of older and ageing people and satisfying their consumption, living and health needs.
  • The silver economy is analyzed in the field of social gerontology (study of aging) not as an existing economic system but as an instrument of ageing policy and the political idea of forming a potential, needs-oriented economic system for an aging population.
  • Its main element is gerontechnology (Technology pertaining to aged people) as a new scientific, research and implementation paradigm.

Key Points

  • About:
    • The SAGE portal will be a “one-stop access” of elderly care products and services by credible start-ups.
    • It has been launched with a view to help such persons who are interested in entrepreneurship in the field of providing services for elderly care.
    • 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 identified start-ups.
  • Features:
    • Start-ups can apply for being a part of SAGE through a dedicated portal.
    • 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.
    • An allocation of Rs. 25 crores has been made for the SAGE project in the current financial year i.e 2021-22.
  • Need for the Initiative:
    • 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.

  • Other Government Initiatives for Elderly people:
    • Integrated Programme for Older Persons (IPOP):
      • The main objective of the scheme is to improve the quality of life of older persons by providing basic amenities like shelter, food, medical care and entertainment opportunities, etc.
    • Rashtriya Vayoshri Yojana (RVY):
      • This is a central sector scheme funded from the Senior Citizens’ Welfare Fund. The fund was notified in the year 2016.
      • It aims to provide aids and assistive living devices to senior citizens belonging to Below Poverty Line (BPL) category who suffer from age-related disabilities such as low vision, hearing impairment, loss of teeth and locomotor disabilities.
    • Pradhan Mantri Vaya Vandana Yojana (PMVVY):
      • PMVVY was launched in May 2017 to provide social security during old age.
      • It is a pension scheme for senior citizens that comes with guaranteed returns on monthly, quarterly, half-yearly or on an annual basis for a period of 10 years. It is exclusively available to those who are 60 years of age and above.
    • Vayoshreshtha Samman:
      • Conferred as a National award, and given to eminent senior citizens & institutions under various categories for their contributions on International day of older persons on 1st October.
    • Maintenance and Welfare of Parents and Senior Citizens (MWPSC) Act, 2007:
      • To ensure need-based maintenance for Parents and Senior Citizens and their welfare.

Source: PIB