NITI Aayog launches second round of initiative to set up startup incubation centres

NITI Aayog's Atal Innovation Mission on Monday launched the second phase of its initiative seeking applications to set up Atal Incubation Centres and Atal Community Innovation Centres for entrepreneurs across the country.

According to an official statement, both the programmes envision creating and supporting the innovation ecosystem in the country by establishing world-class institutions, which shall help budding entrepreneurs in the country.

Speaking at the event, NITI Aayog CEO Parameswaran Iyer said innovation in India is driven by inclusive growth coupled with social entrepreneurship. AIC (Atal Incubation Centres) and ACIC (Atal Community Innovation Centres) are AIM's unique initiatives that will add value to India's growing startup ecosystem, he added.

Atal Innovation Mission (AIM) director Chintan Vaishnav, speaking at the event, said with the launch of the next round of application process for AIC and ACIC, NITI Aayog is echoing Prime Minister Narendra Modi's vision of startups to be the backbone of New India.

The statement said AIC is an initiative of the AIM to foster innovation and entrepreneurial spirit while creating a supportive ecosystem of startups and entrepreneurs in India.

It added that each AIC is supported with a grant of up to Rs 10 crore over a period of 5 years. 

Since 2016, AIM has established 68 Atal Incubation Centres across 18 states and 3 Union Territories, which have supported more than 2,700 startups.

ACIC is envisaged to serve the unserved areas of the country with respect to the startup and innovation ecosystem.

Image: PTI