Niti panel gets rolling on Atal Innovation Mission

NEW DELHI: Nine months after announcing the setting up of Atal Innovation Mission, Niti Aayog is in the process of setting up the secretariat to successfully run the mission, Aayog's vice chairman Arvind Panagariya said.

"We are in the process of setting up the mission secretariat and a high-level committee to decide on the work of the Atal Innovation Mission," Panagariya said at the Aayog's panel discussion on innovation and entrepreneurship.

Finance minister Arun Jaitley had announced setting up of AIM in Union Budget 2015-16and allocated Rs 150 crore to it.

Admitting that government has a critical role to play in enhancing R&D expenditure in the country, Panagariya said that it would be very difficult for the government to do so in the current fiscal scenario.

"Private sector will have to remain at the forefront of the AIM and government will work as a facilitator," he said.

Commenting on the economic growth, Panagariya said that economy is moving forward. "I remain optimistic that first quarter GDP numbers will be revised and by the time we reach the fourth quarter economy will touch 8 per cent," he said, adding that government should take action on the rural economy.