Self Employment and Talent Utilization Scheme (SETU) Scheme

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