President Pranab Mukherjee has been announced the National Student Policy (NSSP) formulated by the All India Council for Technical Education (AICTE) recently. The policy has been launched with an aim to support students who have potential to be future entrepreneurs and contribute in socio-economic change by launching technology-driven start-up businesses. This policy is mainly intended to guide AICTE approved academic institutions to support the “Start-up India” programme launched by the Government of India. This policy will also support Technology Business Incubators (TBI) in creating new number of student startups and entrepreneurs pan India.
The policy is drafted by a Startup Implementation Committee constituted under the chairmanship of Sanjay Inamdar, Massachusetts Institute of Technology, and Harvard University graduate and a successful entrepreneur from India. The Indian Government, Academic Institutions, Faculty, Students of various Institutions, Industries and Entrepreneurs etc. also offered the wholehearted support for creating this policy effectual and well-organized for developing a remarkable Startup ecosystem in the country.
Here are 10 interesting key facts about the National Student Startup Policy
- The AICTE has been drafted this policy to increase the number of “Student Startups” and prepare them to gain the benefits from “Start-up India” programme.
- It aims to create 100,000 students owned technology start-ups and a million new employment opportunities by 2025 or within the next 10 years.
- The formulated policy has outlined the role of the AICTE, TBI and academic institutions in creating student entrepreneurs all along implementing the government’s initiative the “Start-up India”.
- According to the policy, the curriculum pattern followed by these institutions would include 40 per cent skills based courses, 30 per cent knowledge related courses and 30 per cent attitude related courses.
- The new policy has made a provision to set up a fund to support start-up events and fest that would be organized at national and international levels. An amount of Rs. 10,000 crore will be invested through the venture funds registered with SEBI and interested to support student startups.
- To develop hard and soft infrastructure like testing labs, IT labs, tools room, design studios, data set, laboratories, video-conferencing facilities and research and analysis labs in the academic institutes, an initial annual outflow of Rs. 20 crore will be provided to help student start-ups in institutes.
- The policy will encourage science and technology students to choose entrepreneurship as their career and motivate them to convert their research projects into a workable startup.
- It will work to indoctrinate social responsive attitude among AICTE approved institutes’ students who would aspiring to launch social business start-ups.
- The policy aims to provide hand-holding support to students from rural areas that need training to start a business and identifying business opportunity near to them.
- Equip rural and urban students with the right set of skills and resources for launching, managing and running their business enterprises successfully so that they can contribute to the socio-economic progress of India.
Refer this official document for more information about the NSSP.
With the launch of this policy, the tech start-up scene is going to become more competitive in India! This policy will support the ecosystem of entrepreneurship all along opening the doors to ample of new opportunities which would be available to the students through different government’s programmes. The policy will also work to promote strong inter-institutional partnerships between different institutions so that they can work together to guide and groom their students toward entrepreneurship and innovation. At this point in time, National Student Start-up policy is significant in channelizing youth to contribute to the nation’s progress.
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