New Initiative SWAYATT and GeM Start-up Runway launched
The Union Minister of Commerce and Industries Suresh Prabhu launched SWAYATT (Start-ups, Women and Youth Advantage Through eTransactions) and GeM Start-up Runway.
Objectives of SWAYATT
SWAYATT will bring together the key stakeholders within the Indian entrepreneurial ecosystem to Government e-Marketplace the national procurement portal. The objectives of SWAYATT are:
- To promote inclusiveness by catapulting various categories of sellers and service providers.
- Take proactive steps to facilitate the training and registrations of such specific category of manufacturers and sellers.
- Develop women entrepreneurship and encourage participation of the MSME sector and Start-ups in public procurement.
Objectives GeM Start-up Runway
Start-up Runway will enable Start-ups to conduct market trials with government buyers, seek time-bound feedback and gain realistic product, price comparison and market valuation from potential buyers and investors. The objectives of the Start-up Runway are:
- To align certified Start-ups with Government procurement orders and contracts.
- To enable Start-ups in scaling operations from ideation to growth stage in minimal time.
- Spur hyper-local job-creation and wealth-generation and for achieving socially-inclusive economic growth.
- To support technology development, spur research and innovation by ensuring a conducive policy environment for industrial diversification and value addition to commodities.
- Aligns with Government’s philosophy to turn Job-seekers into job-creators.
GeM Start-up Runway will address goals and objectives under United Nations Sustainable Development Goal 9: Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.
Categories: Business, Economy & Banking