Why is it in news?

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed between India and the USA for co-hosting the Global Entrepreneurship Summit (GES) 2017 in India.

The MoU delineated the responsibilities, areas of co-operation including logistics and venue related requirements between the parties for smooth conduct of the Summit.

Details

• The GES is a pre-eminent forum for emerging entrepreneurs.
• The GES-2017 provided excellent opportunity to entrepreneurs and investors to have meetings with global industry leaders, networking sessions, pitching competitions, strategic workshops and sector-specific programs for forging new collaborations.
• The Summit provided a forum to enhance economic opportunities to young entrepreneurs, especially women entrepreneurs and marginalized groups in the long run.
• The GES-2017 was held during 28-30 November, 2017 in Hyderabad. GES 2017 was the first GES held in South Asia.
• The summit is organized annually since 2010

Significance

India is focusing greatly on generating maximum employment for its increasing youth population. And entrepreneurs, being job creators, can greatly help in fulfilling India’s goals. In order to realize these goals, government has also come up with schemes like Make in India as well as provision of several incentives and removal of barriers in order to facilitate setting up of businesses and related infrastructure. Summits like GES provide much needed international interaction and exposure to ideas, techniques, methods to Indian entrepreneurs so that they can move ahead more confidently in setting up their ventures.

Source

PIB