NEW DELHI, Mar 17: Innovation is a harbinger of socio-economic development as it holds great promise in uplifting people’s living standards, President Pranab Mukherjee today stressed.
Speaking at a round table discussion on funding for innovations organised in Rashtrapati Bhavan here on the sixth day of the ongoing Festival of Innovations, he said innovation facilitates growth and creates job opportunities. ”A novel idea if transformed into a useful product can usher in progress for the society.”
However, he pointed out that the path to convert novelties into new products or services was riddled with challenges. Any new business venture required resources for investing in factors of production like capital, workforce and technology. New-age financing options like angel investors, venture capitalists, crowd funding, seed finance, and ‘innovation on technology’ funds could meet the special requirements of innovation projects at formative stages.
The President said the online platform ‘Sidbi-Startup-Mitra’ will act as a one-stop solution to meet the financing and other needs of early stage and start-up enterprises. He complimented Department of Financial Services and SIDBI for conceptualising this national innovation finance programme. He stated that the integration of start-ups with investors, angel funds, mentor funds, and other service providers will help create an inclusive innovation eco-system in the country.
Key recommendations emanating from the discussions were presented to the President, who also launched a national portal for start-up entrepreneurs called “Sidbi-Startup-Mitra'” developed by Small Industries Development Bank of India (SIDBI).
Focussed attention by the government, and public and private organisations, has seen several initiatives being launched for the promotion of innovation and entrepreneurship in India.
The Atal Innovation Mission (AIM) was being set up as a platform involving academics, entrepreneurs and researchers to foster a culture of innovation and promote a network of world-class innovation hubs.
The Micro Units Development and Refinance Agency Bank (also called MUDRA Bank) has been set up to provide fillip to entrepreneurship in India through the funding of non-corporate small business sector.
Speakers who addressed the round-table included Union Road Transport & Highways and Shipping Minister Nitin Jairam Gadkari ; Railway Minister Suresh Prabhu; , Union Micro, Small and Medium Enterprises Minister Kalraj Mishra and Minister of State for Finance Jayant Sinha. (UNI)
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