Self Employment and Talent Utilization Scheme
A Techno-Financial, Incubation, and facilitation Program launched by the Niti Ayaog, the Government of India for supporting several aspects of start-up business and various other self-employment activities. The scheme focuses mainly on technology-driven areas. The main aim of the scheme is to offer at least 100,000 jobs via start-ups. It encourages the proper use of one’s talent for achieving the goal of efficiency and productivity.
Features of Self-employment and Talent Utilization Scheme
- The scheme launched by the Niti Aayog
- Initially, RS 1000 Crore is being set up by the NITI Aayog towards the scheme for enhancing the skill development and setting up of incubation centers.
- The scheme will help in ease of doing business and facilitating the start-up ecosystem.
- To increase the number of start-ups in the country by extending various services and reducing the unemployment rate.
The eligibility criteria of SETU App
Entrepreneurs who can get incubation as well as offer other support along with the start-up will be eligible under the scheme.
Advantages of launching a SETU scheme
Work from home
Self-employment is one of the ways to work from home. If you are self-employed, you can avail of the benefit of balancing work and personal life easily. You can take care of your children and work on your project at the same time.
You can be your boss
Many people are not liking to work under someone’s supervision. This scheme helps those and allows them to be your boss by becoming self-employed.
Less expenditure
The Salary comprises a major part of any organization’s expenditure. A self-employed is not required to pay a salary to anyone. He or she is working for themselves. It will also help in reducing expenses like life insurance, or travel to work, etc.
Reduction in unemployment
There are many reasons due to which individuals are sitting idle and become a part of the unemployed workforce. One of the major reasons was the lack of finance for starting a new business. But SETU scheme offers easy financing to young entrepreneurs. It helps in eradicating unemployment and poverty on a large scale.
Work at any place and at anytime
Being self-employed, you get the power of choosing your workspace. You don’t always have to stay at home. When you want some fresh air, you can work from a favorite cafe or any other favorable location.
Bottom line
The AIM would focus on inviting aspiring entrepreneurs to solve India's contemporary socio-economic problems via 'grand challenges' that offer substantial awards to incubate and scale up winning ideas, the SETU scheme's resources would be devoted to strengthening incubators and setting up 'tinkering labs' where ideas can be shaped into prototypes before they are ripe for funding.
An overarching supervisory body with about ten members is being formed to oversee the allocation of funds under the schemes to line ministries.
The panel would include secretaries from the departments of science and technology, biotechnology, industrial policy, and promotion as well as the ministry of micro, small and medium enterprises. Half of the funds under SETU would be earmarked for strengthening existing incubators in the country, backed by different departments so that the support mechanism for budding entrepreneurs is more robust. The rest, Rs 500 crore, would be used for setting up tinkering labs, where students can potter about and create prototypes and models of their ideas with the ability to demonstrate basic functions.
