Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Speech by the President of India Shri Pranab Mukherjee at the Roundtable on financing of Innovations with Leaders of Banking and Financial sectors

Dated:- 13-3-2015 - Shri Jayant Sinha, Minister of State for Finance; Shri Rajiv Mehrishi, Finance Secretary and Secretary, Department of Economic Affairs; Dr. Hasmukh Adhia, Secretary, Department of Financial Services; Shri Harsh Kumar Bhanwala, Chairman, NABARD; Prof. Anil Gupta, Vice Chairman, National Innovation Foundation; Leaders from banking and financial sectors; Ladies and Gentlemen: 1. It is my pleasure to attend this concluding session of the Festival of Innovations. To begin with, I .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

small measure. The course of development of innovation involves the conversion of a novel idea into a viable product. Financing of innovation, being a critical step, the role of the banking system is paramount in the entire innovation value-chain. 3. A nation which performs high on innovation has, among other factors, a buoyant and supportive financial sector to leverage innovations. In India unfortunately, there are many instances of innovations that are languishing for want of financial suppo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ome poverty. Under the Pradhan Mantri Jan Dhan Yojana, the banking sector - primarily the public sector banks - successfully embarked upon an ambitious drive to provide access to the weaker and poorer sections to a bank account and other financial products. Within a span of six months, the coverage under the scheme has been close to hundred percent, with a record 13.2 crore new bank accounts opened, 11.5 crore RuPay debit cards issued, and over ₹ 11,000 crore deposited. 5. Despite the achi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ators are constrained by the lack of a well-established market. Some do not even possess the requisite skills and acumen to convert their innovations into sustainable and marketable products. These potential entrepreneurs require technical assistance. Hence provision of financial assistance apart, mentoring is also a significant influencing factor in the innovation-development framework. For want of mentoring and financing, many bright students who possess innovative solutions to problems either .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

m, and wherever possible, connect them with their other clients who may help them in expanding their market. This role of creating linkages between creative people and successful clients could be a game-changing institutional innovation. A bank manager can open more doors for an innovator in an hour than what an innovator could possibly be able to do in a year. The banks would do well to have in place a monitoring mechanism to ensure managerial facilitation for innovators. An increased awareness .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

m. 9. Central universities, IITs and NITs have set up Innovation Clubs to build linkages with the grassroots innovators. Banks may also join hands with these clubs to provide them requisite advice about taking innovative ideas forward. 10. New inclusive institutional arrangements are needed to give innovators and innovation-based enterprises a fair chance of success. Recent initiatives like the Atal Innovation Mission and the Self-Employment and Talent Utilization (SETU) scheme will help spring .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version