Union Budget 2015-16: SETU to seed job creation through self employment and talent utilisation
28 February 2015
The Union Budget emphasises on job creation through revival of growth and investment and promotion of domestic manufacturing and 'Make in India', but most of that should come from self-employment.
Presenting the Budget in Parliament, finance minister Arun Jaitley proposed to set up a Self-Employment and Talent Utilisation (SETU) mechanism.
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.
The budget has earmarked Rs1,000 crore for SETU, being set up initially in NITI Aayog.
''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,'' Jaitley said.
He said 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 lakhs of jobs and hundreds of billion dollars in value.
SETU is being set up with this objective in mind, the minister said.