The government will soon announce measures to promote start-ups in the country, a move that is expected to give a leg up to employment generation.
Prime Minister Narendra Modi, in his Independence day speech, had announced a new campaign ‘Start-up India- Stand up India’ to promote bank financing for start-ups and offer them incentives to boost entrepreneurship and job creation in the country.
“In early to mid-December the Prime Minister is going to make a series of very important announcements on start-up India where we will bring together the work that we are doing and make some important announcements about how we are going to take forward India’s entrepreneurial ecosystem,” Jayant Sinha, Minister of State for Finance, said while delivering the keynote during C K Prahalad Memorial Lecture at the TiECon Delhi 2015.
Prahalad was a renowned management guru.
In the Budget, the government had announced a slew of measures to encourage start-ups, including setting up of
India Aspiration Fund and Atal Innovation Mission.
Assuring that the announcements are going to be “very exciting”, the minister said the government is committed to promote start-ups and entrepreneurship and the Prime Minister would ensure that India goes on to become the best country in the world for start-ups and entrepreneurs.
“We have already done, I think, more in the last 15 months than the previous government did in 10 years,” Sinha said adding that government is simultaneously working on making it easy to do business in the country, especially for new companies.
In order to improve ease of doing business in states, the government has started ranking them on the basis of actions taken by them to improve doing business.
The government is also focussing on fostering innovation in research centres and in the universities through the network of innovation laboratories. “We have tried to streamline and make doing business in India much easier,” Sinha added.