In a major push to entrepreneurship in the country, Finance Minister Arun Jaitley has announced Rs 10,000 crore venture capital fund for start-ups in the country.
In a major push to entrepreneurship in the country, Finance Minister Arun Jaitley has announced Rs 10,000 crore venture capital fund for start-ups in the country. Moreover, there will be a framework for bankruptcy, which will be worked out. This will make it easier for start-ups to fold up even if an idea doesn't work out.
Currently, this is a major hassle for upcoming companies. The UPA had also announced a $100 billion fund to boost innovation – a venture that couldn't take off during its tenure.
FM has also allocated Rs 100 crore for a start-up village for village youth. Jaitley has also liberally allocated Rs 500 crore towards setting up a pan India technology mission in the country, which will address the "digital divide" in the country. The mission will enable broadband connectivity to the villages, boost IT enabled services, bring transparency in government operations and work towards increased indigenous production. The National Rural Internet Technology Mission will address these issues along with the project e-Kranti, which will help digitise the government.