The union cabinet on Wednesday approved the establishment of Atal Innovation Mission (AIM) and Self - Employment and Talent Utilisation (SETU) in NITI (National Institution for Transforming India) Aayog with appropriate manpower.
"Establishment of AIM and AIM Directorate will result in the implementation of Mission activities in a focused manner. It will be a focal point for innovation and entrepreneurship in the country, " an official statement said here.
Implementation of various elements under the AIM and the SETU, like grand challenge areas, prize money and others will be guided by Mission High Level Committee (MHLC).
"NITI Aayog will hire the mission director and other appropriate manpower. The headquarters of the mission will be in New Delhi, " the statement said.
Finance Minister Arun Jaitley announced the AIM and the SETU under NITI Aayog, earmarking Rs. 500 crore and Rs. 1, 000 crore respectively in his budget speech for 2015 - 16 fiscal to bolster innovation ecosystem and stimulate entrepreneurial spirit in the country.