On the eve of celebration of 69th Independence Day at Red Fort, Prime Minister Narendra Modi announced a new campaign “Start-up India; Stand-up India” to promote bank financing for start-ups and offer incentives to boost entrepreneurship and job creation which would in turn encourage entrepreneurship among the youth of India.
- The scheme aimed at extending support to people to start new ventures and businesses, especially those belonging to the weaker sections. It was in this context that he urged 1.25 lakh bank branches to provide loans/finances to at least one tribal or dalit and at least one woman entrepreneur.
- This initiative is expected to open a new dimension to entrepreneurship and to set up a network of start-ups in the country which aims to make India the No.1 country in start-ups. He also added, as part of the skill India and Digital India initiative, a package of incentives will be given to manufacturing units for generating jobs.
- Modi also questioned the practice of “interviews” for recruitments even at relatively junior levels and asked departments concerned to end this practice at the earliest and promote merit by recruiting only through transparent, online processes.
Other major announcements:
- Ministry of Agriculture would henceforth be known as the Ministry of Agriculture and Farmer Welfare to reflect the fact that it will also be making policies in the interest of farmers.
- To provide houses and access to basic services to all and to make India a completely developed nation by 2022.
- To provide electricity to all the 18,500 villages which still remain without power within the next 1,000 days.