6 government initiatives taken this year for the Indian start-up eco-system

The entrepreneurial movement began way back even though in a small way with the establishment of NISIET (National Institute of Small Industry Extension Training) for promoting entrepreneurship amongst the people of India. Since then, the startup culture in India has come a long way, with many young minds jumping into the digital bandwagon. India as an entrepreneurial destination is also getting a strong support from the government, which in turn is keen to create a similar chapter like the tech giants abroad. The entrepreneurial sector is also a prime job creator and presents an opportunity for young minds to shape their dreams in their home land. Here are 6 notable initiatives taken by the government: 2015 budget allocation of Rs. 10,000 cr The Finance Minister during his budget speech allocated Rs.10,000 cr for start-ups (Photo courtesy The Financial Express) The 2015 financial budget presented by the Finance Minister showed a promising start to boost the start up ecosystem. This budget made a clear allocation of INR 10,000 crore to fund the young entrepreneurs. This budget has been picked up by different states according to their own policy implementation; also depending on their historical, political, law and infrastructural condition. Start-up India (Photo courtesy: narendramodi.in) In the Independence Day speech delivered by the Prime Minister, a “Start up India program” was announced to provide further financial support to young entrepreneurs who plan to launch their initiatives in India. This program was aimed at encouraging local research programmes as well to provide convenience to the young Indian entrepreneurs who migrate to other countries to fund their projects. Through this program, financial access will be provided through 1.25 lakh bank branches in India. India Aspiration Fund The Finance Minister under the India Aspiration Fund has set aside an initial corpus of Rs 2,000 crore to fund the Indian start up growth story The recent launch of India Aspiration Fund (IAF) by the Finance Minister also sets aside an initial corpus of Rs 2,000 crore to fund the Indian start up growth story. The IAF is expected to generate huge crore of equity investment in startups, with Rs.753 crore of the Rs.2,000 crore ($305M) seed capital already sanctioned. Micro Units Development Refinance Agency (MUDRA) This initiative was launched with an initial corpus of 20,000 crore to enhance the growth of small businesses Micro Units Development Refinance Agency (MUDRA) Bank was launched with an initial corpus of 20,000 crore to enhance the growth of small businesses by providing them accessible credit facility. As a part of the initiative, 1,000 crore was set aside with a clear focus on start-ups. Entrepreneurship and Skill Development Ministry Sarbananda Sonowal was appointed as the entrepreneur and skill development minister (Photo courtesy: Wikepedia) A federal ministry dedicated to entrepreneurship and skill development shows the present government’s focus to coincide skill development with the start-up growth story. In brief, India has a target of achieving skill development for 500 million people and private players are to be a vital part of this achievement at ground level Entrepreneur friendly legal bankruptcy framework With this initiative the government has made it easier for people to experiment with new ideas (Photo courtesy: The Live Mint) An Entrepreneur friendly legal bankruptcy framework is also been proposed to be developed by the government. It will help the SME’s to make an easy exit and open doors to more entrepreneurs to experiment with their ideas, since the risk attached is less. Also, a nationwide “District level Incubation and Accelerator Programme” has been initiated to provide financial support for incubation of new ideas and providing necessary support to accelerate entrepreneurship.

Entrepreneurship and Skill Development Ministry

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