The Ministry of Social Justice and Empowerment (MoSJE), Govt. of India, through its Senior Citizen Division has introduced an umbrella scheme viz. “Atal Vayo Abhyuday Yojana (AVVAY)” for the welfare and well-being of the Senior Citizens of the country.
As per various studies of Govt. of India, there has been a steady rise in the population of Senior Citizens in India. The number of elderly persons increased from 7.6 Crore in 2001 to 10.38 Crore in 2011. As per the Report of the Technical Group on Population Projections for India and States (2011-2036) submitted to National Commission on Population, Ministry of Health and Family Welfare, the population of Senior Citizens in India is projected to increase from 10.38 crore in 2011 to 23 crore in 2036. The total population of India is projected to increase from 121.10 crore in 2011 to 152.20 crore in 2036. Therefore, the percentage of Senior Citizens against total population is expected to increase from 8.4% to 14.9%.
To promote Silver Economy (Senior Citizen Economy), Govt. of India (GOI) is committed towards providing innovative and out-of-the-box solutions for the commonly faced problems by Senior Citizens through promoting start-ups which innovate on products, processes and services for the elderly. Accordingly, a special scheme i.e., “Senior Care Ageing Growth Engine (SAGE) Venture Fund” has been launched in August 2022, as SEBI Registered Category II AIF fund, in order to provide equity support to such start-ups which innovate on products, processes and services for elderly covering areas like mental care, social connectivity, productive activity and product development.
4.Click here to apply for fund: https://sage.dosje.gov.in/
(Link should redirect to above mentioned URL page.)