Union Finance Minister Arun Jaitley on Saturday announced the setting up of a Self- Employment and Talent Utilization (SETU) mechanism.
Presenting the General Budget 2015-16 in the Lok Sabha, the Union Finance Minister stated that SETU will be a Techno-Financial, Incubation and Facilitation Programme to support all aspects of start up businesses, and other self-employment activities, particularly in technology-driven areas. An amount of Rs.1000 crore is being set up initially in NITI Aayog for SETU.
"We are now seeing a growing interest in start-ups. Experimenting in cutting edge technologies, creating value out of ideas and initiatives and converting them into scalable enterprises and businesses is at the core of our strategy for engaging our youth and for inclusive and sustainable growth of the country," said Jaitely.
"Concerns such as a more liberal system of raising global capital, incubation facilities in our centres of excellence, funding for seed capital and growth, and ease of Doing Business etc need to be addressed to create lakh of jobs and hundreds of billion dollars in value. With this objective in mind, SETU is being set up," he added.