The Narendra Modi government’s maiden Budget presented by Finance Minister Arun Jaitley definitely talks about the coming of acche din for India's startup ecosystem.
The 45-day-old government, realising the huge potential of the country's growing yet ignored startup space, has allocated a whopping ₹10,000 crore for its development. This includes a major focus on startups working on creating software products.
It has also paid special attention to promoting entrepreneurial skills in the rural villages for which it has set aside a separate fund called Village Startup fund. Also, the Finance Minister has put stress on giving a major boost by providing ₹200 crore extra for entrepreneurs from backward classes.
The announcement has raised the hope of several Indian entrepreneurs who are wary about starting a venture due to lack of funds and support from Government organisations. India also has the highest startup mortality rate at 7 per cent. However, these small and medium startups form a major role in driving the country's overall economy.
The Budget also looks into the revival of several small and medium manufacturing enterprises.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.