NITI Aayog is organizing panel discussion at Vigyan Bhawan tomorrow on 4th December with the key stakeholders to give a boost to innovation, entrepreneurship and start-ups across the country. Leading lights from academia, industry and Government would take part in the deliberations. Vice Chairman of NITI Aayog, Dr. Arvind Panagariya will chair the two panel discussions on entrepreneurship and innovation. The participants at the session on entrepreneurship include Prof. Tarun Khanna, Director, South Asia Institute, Harvard University along with the Dr. Anup Pujari the Secretary in the Department of MSME among others. The participants at the session on innovation include Dr. Ashutosh Sharma, Secretary in the Department of Science &Technology and Prof. Vijay Chandra among others.
The move comes close on the heels of Government decision to set up the Atal Innovation Mission (AIM) and a mechanism to be known as SETU (Self Employment and Talent Utilisation) in NITI Aayog. The AIM will act as a platform to promote a network of world-class Innovation hubs and Grand Challenges for India. SETU will be a Techno-Financial, Incubation and Facilitation Program to support all aspects of start-up businesses, and other self-employment activities, particularly in technology-driven areas.
SETU or Self Employment and Talent Utilization Scheme has received a thumbs up from various sectors and segments of economy. It has come as a boon for young entrepreneurial minds who are struggling to plug in the gaps of cash. It has been specifically launched to boost breakthrough technical start-ups by bringing their ideas into real-time business. It will be set-up as a techno-financial, incubation and facilitation programme to give support and encouragement to young start-ups and other self-employment technology-intensive ideas. The prime motive is to engage the young population-the largest demographic segment in India, in meaningful work which will be able to put their ideas into motion and gradually convert them into scalable businesses. This will spell an all inclusive growth. The ministry aims to make the Indian business environment more liberal and provide ease of operations like raising capital, seed-capital funding, especially for start-ups. This will also promote India on a global scale as a preferred innovation destination of the world. At present India has fourth largest start-up ecosystem in the world after US, UK and Israel. The government has also reduced royalty and related taxes to 10% from 25 %, especially for technology start-ups.
Highlights of the scheme are: An allocation of Rs. 1000 Crore has been made for SETU Scheme. This amount will initially rest with the NITI Aayog. It will involve setting up of incubation centres and enhance skill development It aims to create around 100,000 jobs through start-ups.
AIM will be an Innovation Promotion Platform involving academics, entrepreneurs and researchers and draw upon national and international experiences to foster a culture of innovation, R&D and scientific research in India. Shri Jaitley said that the platform will also promote a network of world-class innovation hubs and Grand Challenges for India. Initially a sum of Rs.150 crore wail be earmarked for this purpose.
NITI Aayog had constituted an Expert Committee under the Chairmanship of Prof. Tarun Khanna, Director, South Asia Institute, Harvard University. The Expert Committee has submitted its report on Innovation and Entrepreneurship which is available on the NITI Aayog’s website. The recommendations of the expert committee would be taken up for the discussion at the two sessions with key stakeholders to take forward the Government’s agenda to give boost to innovation, entrepreneurship and start-ups.. It is expected that the deliberations will help in the sharing of ideas and best practices to give a fillip to the spirit of innovation and entrepreneurship in the country.