1% corporate profits and Rs 30 crore reward for business incubators : NITI Aayog

• The NITI Aayog panel was led by noted academician Tarun Khanna to suggest ways to promote innovation and build an entrepreneur-friendly ecosystem to drive job growth.
• The panel will soon submit the detailed report of recommendations for promoting innovation and entrepreneurship and contours of Atal Innovation Mission (AIM) and Self-Employment & Talent Utilisation (SETU).
• Some of the proposals suggested by NITI Aayog panel to the government are a cash prize of up to Rs 30 crore for innovative entrepreneurs and setting aside 1 per cent of corporate profits to encourage out-of-the-box thinking.
• The panel is also in favour of a percentage of corporate profit to be used for creation of corporate venture capital funds, subsequent investment in start-ups or incubators and tax credits against this.
• Half of the Rs 1,000 crore under the SETU fund be spent in upgrading the system of incubators already in place in the country.

Source: EconomicTimes