Budget 2020: New initiatives to promote Entrepreneurship

Budget 2020 New initiatives to promote Entrepreneurship

Pradhan Mantri Yuva Udyamita Vikas Abhiyan (PM-YUVA Yojana) is likely to make a special thrust in the Union Budget 2020, to be presented on February 1, 2020.

According to sources in the government, as part of the government’s efforts to push entrepreneurship in India, a few new initiatives are likely to be included in the PM-YUVA Yojana. The indications were given to the officials preparing the Budget, after meetings with various groups, like industrialists and startups.

The PM-YUVA yojana is implementing a pilot project in 300 institutes (200 Industrial Training Institutes (ITIs)/National Skill Training Institutes (NSTIs), 50 Polytechnics, 25 PMKKs/PMKVYs and 25 Jan Shikshan Sansthan (JSS)), across 12 States and Union Territories (Delhi, Uttar Pradesh, Tamil Nadu, Puducherry, Telangana, Kerala, West Bengal, Bihar, Assam, Meghalaya, Uttarakhand, Maharashtra).

The project aims to promote entrepreneurship as an alternative career choice and enable sustained long-term mentoring support through the journey to potential and early-stage entrepreneurs, by imparting entrepreneurship education and mentoring support to trainees/beneficiaries from skilling ecosystem.

The pilot project is expected to reach out to around 70,000 youth through entrepreneurship awareness and education sessions. The project is likely to create 600 new and 1000 scale-up enterprises by March 2020. The approved budget for the pilot project is Rs 12 crores.

In order to promote entrepreneurship in the country, the government recently awarded 30 young entrepreneurs and six organisations/individuals, who are building an entrepreneurship eco-system in the country. The awards were presented to honour outstanding contributions in entrepreneurship development. The awards included a trophy, a certificate, and prize money up to Rs 10 lakhs. This was done in order to promote entrepreneurship amongst the youth, so as to create more job givers than job seekers in the nation.

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