GeM Start-up Runway. GeM Current Affairs - 2019

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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.

Month: Categories: Business, Economy & BankingUPSC

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