Union Cabinet chaired by the Prime Minister Narendra Modi on 24 February 2016 gave its nod for a proposal to establish Atal Innovation Mission (AIM) and Self Employment and Talent Utilisation (SETU) in NITI Aayog with appropriate manpower.
It was observed that AIM is a mission and SETU is an approach to encourage innovation ecosystem and entrepreneurship.
The proposed Mission activities will be implemented in a focused manner with the establishment of AIM and AIM Directorate.
Features of the Mission
• Mission High Level Committee (MHLC) would guide the Mission to take all decisions relating to approval of requisite guidelines which include Grand Challenge areas, prize money and implementation of various elements of AIM and SETU.
• Mission Director and other appropriate manpower will be hired by NITI Aayog.
• They will be established with an initial sum of 500 crore rupees and 1000 crore rupees respectively.
• New Delhi will be headquarters to the Mission.
The AIM and SETU are being initiated as a follow up of Union Budget 2015-16 announcements. Expenditure Finance Committee of NITI Aayog (EFC) considered the proposal on 28 August 2015 and constituted an Expert Committee on Innovation and Entrepreneurship to work out detailed contours of AIM and SETU under the Chairmanship of Prof. Tarun Khanna, Director, South Asia Institute, Harvard University, USA.
The Committee recommended 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.
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Who: Union Cabinet
When: 24 February 2016