Ambedkar Social Innovation and Incubation Mission (ASIIM) | UPSC
Shri Thaawarchand Gehlot e-launches “Ambedkar Social Innovation and Incubation Mission under Venture Capital fund for SCs(ASIIM)”
WHY IN NEWS:
Hot from PIB !
SYLLABUS COVERED: GS 3: Schemes : Policies : Mission
For PRELIMS go through the aim ,funding pattern and the features .
For MAINS do you think such initiatives should start at rural areas too ? If yes then how should such mission be deployed ?
AMBEDKAR SOCIAL INNOVATION AND INCUBATION MISSION
- Union Minister for Social Justice and Empowerment launched the “Ambedkar Social Innovation and Incubation Mission (ASIIM) under Venture Capital Fund for SCs”.
- Ministry of Social Justice had launched the Venture Capital Fund for SCs (VCF-SC) in 2014-15 .
- This fund was launched with a view to developing entrepreneurship amongst the SC/Divyang youth and to enable them to become ‘job-givers’.
- The Objective of this fund is to provide concessional finance to the entities of the SC entrepreneurs.
- To support, promote, hand-hold the start-up ideas till they reach commercial stage by providing liberal equity support.
- To incentivise students with innovative mind-set to take to entrepreneurship with confidence.
- They will be funded @ Rs. 30 lakhs in 3 years as equity funding so that they can translate their start-up ideas into commercial ventures.
- The ASIIM initiative will be implemented by the Venture Capital Fund for SCs (VCF-SCs).
- VCF-SCs was set up in 2016 with the Fund size of Rs. 500 Cr.
- Since its inception, VCF-SC has sanctioned financial assistance to 118 companies to the tune of Rs. 444.14 crore.
- 1,000 SC youth would be identified in the next 4 years with start-up ideas .
- Potential beneficiaries will be identified through the Technology Business Incubators (TBIs) in various higher educational institutions.
- To promote entrepreneurship among the SC Youth with special preference to Divyangs.
- This initiative under VCF-SC will promote innovation in the SC youth.
- It would help them to become job-givers from job-seekers.
- This would further give fillip to the ‘Stand Up India’ initiative of the Prime Minister PM Shri Narendra Modi.
- This will ultimately help to keep focused attention in providing equity support to entities/companies of young SC entrepreneurs .
- There is a need to identify innovative ideas and provide focussed support to young entrepreneurs .
- Also , entrepreneurs who are engaged in working on innovative and technology-oriented business ideas.
- This can be either in educational campuses or Technology Business Incubators (TBIs) to help them setup successful commercial enterprises.
- TBI’s are supported by Department of Science and Technology (DST) in higher education and technology institution including Business / Management schools.
SOURCES:PIB | Ambedkar Social Innovation and Incubation Mission (ASIIM) | UPSC