Monday 5 December 2022
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EconomyGovt accepts Harvard prof's recommendation to mentor innovators as entrepreneurs

Govt accepts Harvard prof’s recommendation to mentor innovators as entrepreneurs

New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for the establishment of the Atal Innovation mission (AIM) and Self-Employment and Talent Utilisation (SETU) in NITI Aayog with appropriate manpower.

The establishment of AIM and its directorate is meant to implement these missions’ activities in a focussed manner. This will be a focal point for innovation and entrepreneurship in the country.

The mission will be guided by a mission High-Level Committee (MHLC) which will take all decisions relating to approval of requisite guidelines including the areas that are challenging, prize money and implementation of various elements of AIM and SETU.

NITI Aayog will hire the mission director and other appropriate manpower.

The headquarters of the mission will be New Delhi.

With a view to giving a substantial boost to the innovation ecosystem and to catalyse the entrepreneurial spirit in the country, Finance Minister Arun Jaitley in his Budget speech announced the government’s intention to establish the Atal Innovation mission (AIM) and a mechanism to be known as SETU in NITI with an initial sum of Rs 500 crore and Rs 1,000 crore respectively.

As a follow up to the Budget announcement, the NITI Aayog constituted an expert committee on innovation and entrepreneurship under the chairmanship of Prof Tarun Khanna, Director, South Asia Institute, Harvard University, to work out the detailed contours of AIM and SETU. The committee in its report made wide-ranging recommendations for the short-term (where action can be taken relatively quickly to deliver almost immediate payoffs), medium-term (that can be addressed within a 5-7 years time frame) and long-term, which are likely to have long gestation period, but will lead to a profound transformation in the entrepreneurial fabric of the country. The committee also emphasized the need to establish clear systems to monitor implementation, execution, and impact.

The AIM and SETU are being initiated as a follow-up of the Union Budget 2015-16 announcements. The proposal was considered by EFC on 28 August 2015 and it was observed that AIM is a mission and SETU is an approach. Hence, the umbrella scheme AIM will have two sub-components: innovation and SETU. The innovators will be supported and mentored as successful entrepreneurs.

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