What is Self Employment and Talent Utilisation (SETU) Scheme?
The SETU full form is Self Employment and Talent Utilization. This scheme was started as a mechanism to support startup business concerns and self-employment ventures in the arena of technology. It ensures the availability of adequate technology solutions for individuals. It encourages the proper use of one’s talent for achieving the goals of productivity and efficiency.
Aimed at increasing self-employment and talent utilization, the Indian Government defined the SETU meaning as a techno-financial, incubation as well as a facilitation program. An amount of INR 1000 crore has been set up in the Niti Aayog for SETU for skill enhancement through incubation centers. The ultimate aim of the scheme is employment generation.
Benefits of the SETU Scheme
SETU meaning, as understood from SETU full form, is encouraging self-employment and talent utilization. Therefore, startups applying for SETU Yojana can expect to reap of a host of benefits such as:
Work from Home: Self-employment means increased working from home. This has proven to be beneficial for time management and maintaining a work-personal life balance. Working as well as taking care of children at the same time is possible in a better way in this case.
Own Boss: Unemployment increases from the will against working under a superior. This leads to self-employment measures.
Reduced Expenditure: One of the major expenditures in business comes in the form of salaries to be paid. In self-employment, the requirement for paying salaries is easily eradicated. Besides, it saves expenses incurred while travelling to and from work.
More Employment Opportunities: Lack of funds for starting new businesses often leads to unemployment on a major scale. The SETU Yojana provides funds for the starting of new businesses. This way it is reducing unemployment as well as poverty.
Balance in Work-life: Self-employment allows more flexibility in managing one’s routine along with work performance. It certainly creates a balance between work life and personal life.
Desired Place and Time for Work: One of the most important benefits of self-employment is the flexibility of workplace and time. One can easily choose the preferred place and time for working.
No Uniform: Uniforms have their own disadvantages. Employees often find uniforms demotivating in their already regular environment of work. Self-employment, precisely, work-from-home eradicates the need for wearing uniforms.
Disadvantages of the SETU Scheme
Self-employment although the keyword to achieving self-reliance may not be the best option for everyone. Plus, the scheme itself has a few cons. These can be summarized as below.
High Risk: Self-employment brings in the burden of responsibility for constantly ensuring one’s availability of work. Chances might lead to a lack of work and thus a lack of income. Under the SETU scheme, a loan is available at a cheaper rate, which, however, would increase to a huge burden with the recession coming as a hindrance.
Fewer Benefits for Employees: Self-employment is certainly not an option for people desiring direct monetary and non-monetary benefits. Employee benefits are at the least under this scheme.
Scratch Base for a Start: Self-employment requires huge determination and persistence as it requires immense effort in creating a base of clients for the business. Thus, opting for self-employment requires a start from the grassroots levels, which might become tiring at times.
Lack of Finance in Rural Areas: The unemployment range in the rural areas of India is significantly high. SETU Yojana, though beneficial with the funds involved, has a major con of being confined in the urban areas. The scheme is yet to reach the rural areas properly, thus keeping a major percentage of the unemployed intact.
Non-stop Running Costs: Running costs of the business have got no relation to the profits and losses. Whatever be the output, one can never deny paying the costs of running the business. In a self-employed business, initially, this is a major problem. Running costs such as rent, internet costs, insurance, and other necessary expenditure can never be stopped during the running of a business. This further increases the Government’s NPA.
Therefore, this is what the Self Employment and Talent Utilization (SETU) Scheme is all about along with its various advantages and disadvantages. SETU Yojana encourages self-employment by providing funds for new ventures. Self-employment, though advantageous, comes with a whole lot of risks.
FAQs on SETU Scheme
Q1: What is the Procedure of Getting a SETU Foundation Registration Form?
Ans: A SETU Foundation registration form can be availed from the official website of the SETU Foundation.
2: What is the Eligibility for Applying for the SETU Scheme?
Answer: Budding entrepreneurs looking to establish startup businesses are eligible for the SETU Scheme.
3: What are the Qualities Required for Self-employment?
Answer: The following can be considered as the most important qualities for an individual aspiring to be an entrepreneur.
Determination: One needs to be determined enough with a clear focus on the ultimate goals of his/her business.
Persistence: Persistence is a key quality in the arena of self-employment. The odds might not always be in favour of the business. Moreover, self-employment requires a start from the scratch. This requires immense persistence to walk through the thick and thin in order to establish standards for the business.
Knowledge: There is no substitute for knowledge. Knowledge about anything and everything related to the field of business is necessary.
Time Management: Time management is a significant skill, whatever be the line of work. With decent management of time, efficiency can be achieved.
Creativity: When the days are good, creativity sustains. When the days are bad, creativity saves. Creativity comes as a mandatory need for any kind of business.
Flexibility: Flexibility is another important quality that allows for better balancing of work and personal life and results in better productivity and efficiency at work.
Never-to-give-up Attitude: It may take longer than the calculated time for a business to reach break-even. A self-starter should not get demoralized if that is the case with him/her.