India’s Prime Minister Narendra Modi has always placed emphasis on economic development for the growth of the country and now NITI Aayog is looking for solutions for the jobs by turning its attention to start-ups.
Narendra Modi and NITI Aayog are meeting 212 entrepreneurs on Thursday to get their views on almost various topics such as jobs, ease of doing business, climate change, tourism, health care, skilling for the betterment of the economy, according to a Business Standard report. Ahead of this meeting, PM Modi met the entrepreneurs for a private chat over dinner on Wednesday to discuss range of issues.
This is not the first time that PM Modi has tried to build consensus on economic matters as earlier, Startup India in January 2016 — where start-up bosses are being called by the PM en-masse. This would lead to a similar programme on August 21-22, where 180 young CEOs would discuss on six subjects — New India 2022, Digital India, Emerging a Sustainable Tomorrow, Health and Nutrition, Education and Skill Development, and Soft Power.
Under the ‘Champions Of Change’ programme, organised by NITI Aayog, young entrepreneurs have already begun deliberations on the six themes and its execution.
This event is very significant as Law and Justice, Electronics and IT Minister Ravi Shankar Prasad; Railways and Communications Minister Manoj Sinha; Minister for Coal Power and Renewable Energy Piyush Goyal; HRD Minister Prakash Javadekar; and NITI Aayog Vice-Chairman Arvind Panagariya also interacted with the private sector on Wednesday to know about the roadmap ahead for the Indian economy.
The government has heavily concentrated and pushed on the economic front to bring about the change and just recently it notified provisions for fast-tracking resolution of insolvency proceedings. Under this part of the code, also applicable to small companies, insolvency proceedings would be completed in 90 days. According to industry data, close to 95 per cent of start-ups are unsuccessful ventures and wind down within two years and very hard to sustain. However, liquidation of the companies is a complex and the painful process that takes at least five years.
