Union Cabinet approves establishment of Atal Innovation Mission and SETU in NITI Aayog

The Union Cabinet as given its approval for establishment of Atal Innovation Mission (AIM) and Self Employment and Talent Utilisation (SETU) in NITI Aayog.
This move seeks to give substantial boost to the innovation ecosystem and to catalyse the entrepreneurial spirit in the country.
Key facts

• AIM and AIM Directorate will be established that will help in implementation of mission activities in a focussed manner. Its headquarters will be in New Delhi.
• Its headquarters will be in New Delhi. NITI Aayog will hire Mission Director and other appropriate manpower.
• Mission High Level Committee (MHLC) will guide the Mission. It will take all decisions related to approval of requisite guidelines and implementation of various elements of AIM and SETU.

Background:

• Union Finance Minister in his Budget Speech 2015-16 had announced the Government’s intention to establish the AIM and a mechanism to be known as SETU in NITI Aayog.
• To follow up this announcement NITI Aayog had constituted an Expert Committee on Innovation and Entrepreneurship under the Chairmanship of Prof. Tarun Khanna.
• The Committee had made wide ranging recommendations for the short-term, medium-term and long-term period in its report.
• In its recommendations the Committee also had emphasized the need to establish clear systems to monitor implementation, execution, and impact.

Month: Current Affairs - February, 2016