Exclusive: Brain-drain no more! The Govt is spending a whopping $300-500 billion to ensure just that

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Exclusive: Brain-drain no more! The Govt is spending a whopping $300-500 billion to ensure just thatThe Indian government wants to plug the brain drain happening in the country and is taking concrete steps towards it.

In a bid to support innovation and entrepreneurship, the government will help create enterprises worth $300-500 billion in next five years.

Speaking at SURGE in Bengaluru, Binod Bawri of the Atal Innovation Mission said, “This fund of funds would be a significant part of the upcoming budget session.”

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Atal Innovation Mission, or AIM was launched by PM Narendra Modi to inculcate innovation in young minds and to fund start ups across India.

Meanwhile, he also spoke about patents as India has huge pendency of patent, copyright and trademark applications and startups often get caught up in this web, when registering their innovative products and services.

“The government is also working to ease the process for startups by recruiting patent officers and we will bring significant changes in patent in the coming years,” said Bawri.

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Another major focus under AIM would be ‘Grand Challenges’, under which top 10 challenges would be recognised in each sector and innovative ideas will be sought to resolve those.

Reiterating its claim to help startups, the Indian government is working towards fulfilling its promises made during ‘Startup India, Standup India’ initiative.

“To fuel Startup India, the government is also trying to change the way it works and is bringing business models used by successful companies around the world,” said Bawri.

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The government is going to measure objectives, set up a benchmark, bring in policies and map the process of implementation.

Talking about the brain drain happening and many startups going to other countries like Singapore and the UK to fulfil their dreams, Bawri said policies have been laid out to ease tax exemptions and exit routes and they will be implemented soon.

When asked about the mindset of many entrepreneurs on giving up on their dreams due to failures, he said the thinking was changing.

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“The culture of accepting failure and moving on is coming up. It is important to have role models, who have success as well as failure stories to share to encourage people,” said Bawri.