Prime Minister Narendra Modi is set to unveil another flagship initiative of his government – Start Up India, Stand Up India — on Saturday. The initiative aims at supporting the entrepreneurs with training and funding. The announcement regarding unveiling of ‘Start Up India, Stand Up India’, was made by PM Modi in his radio programme “Mann Ki Baat’’ last month.
What is Start-up India, Stand-up India?
As per details given my Prime Minister Modi in “Mann ki Baat “, this program will encourage youth to start their own business with help from the government. This program is aimed at providing technical and procedural hand-holding support and counselling to pre-start up, nascent, early start up and growth ventures. It is also aimed at improving the ease of doing business for entrepreneurs who want to capitalise their business ideas.
Union Ministry of Skill Development and Entrepreneurship, which will be the nodal agency of this initiative has already completed a study to draw road map for the start-ups in India. As per the details mentioned in National Policy for Skill Development and Entrepreneurship 2015, government is planning to build a national network of high quality mentor networks and successful local entrepreneurs.
Government wants to setup 1 national, 30 state-level, 50 nodal entrepreneurship hubs to deliver support to entrepreneurs. Entrepreneurs will be encouraged to join the online community through education programs and other mobilization drives.
What mentors in existing Start-up hubs say?
KL Srivastava, Director at Centre for Social Initiative Management who is an acting mentor in Telangana Governments Start-up Hub (T-Hub) claimed that it has been very effective in the state, as “entrepreneurs get access to both knowledge and market”. Srivastava further pointed that many of the budding entrepreneurs are in line to start-up their own venture but “they have no clue about exit “.
Jayesh Ranjan, one of the Board of Directors at T- Hub said that “entrepreneurs getting into business must be given adequate training so that they plan an exit plan for themselves”.
Why India needs start-up Hub?
Puja Arora, founder and COO of start-up schooladmissions.in told RSTV that “start-up hub gives us number of options to get funding, otherwise one has to go around the corporate houses and reveal business plans and face rejection”.
Earlier, speaking further over the initiative in his ‘Mann ki Baat’, PM Narendra Modi also said that he will ask banks to soon lend money to the budding entrepreneurs.
It is also expected that programs like Atal Innovation Mission (AIM) and Self Employment Talent Utilisation (SETU), two major programs aimed to support all aspects of start-up businesses will begin implementation from January 16, 2016.