HRD Minister Ramesh Pokhriyal has laid down the guideline wherein the higher educational institutes in India will have to set aside 1% of their total annual budget for funding and supporting the start-ups by the students. The purpose of which is to promote innovation and creation through the means of incubation facilities available to teachers and students 24×7. The government will soon rank the universities for the same which will allow the student entrepreneurship development and opportunities.
This policy will be fruitful in the coming years where India aspires to be 5 trillion dollar economy by 2024 declared by Pokhriyal himself. He further added that the nation should emerge as a global hub for innovation and entrepreneurship. As per the policy the students with low attendance will be given permission to sit for exams and would also be given breaks to work upon their start up projects. The policy is progressive and dynamic and would give a boost to ideas and creation if implemented properly. This would further uplift the India’s status in global Innovation Index as well the educational rankings.
This clearly shows that this government has taken start-ups very seriously even with their generous start-up funds and several other initiatives like tax exemption from their profits for first three years. With that there are enough incentives for our youth brigade to innovate and create!