- The country is witnessing a start-up revolution and to harness the potential of India’s innovators and entrepreneurs a vibrant financial ecosystem is essential.
- India’s is at number three in terms of Start-ups launched. Very soon, India is expected to take over UK in terms of start-ups launched and would be behind only to USA.
- Govt has taken announced few programmes to encourage start ups in India
Start-up India, Stand up India
- On 15 August, 2015 on the Independence Day speech, Prime Minister Shri Narendra Modi announced ‘Start-up India, Stand up India’ campaign.
- This will promote bank financing for start-ups and offer incentives to boost entrepreneurship and job creation.
- This initiative will encourage entrepreneurship among the youth of India. Each of the 1.25 lakh bank branches should encourage at least one Dalit or tribal entrepreneur and at least one woman entrepreneur
India Aspiration Fund
- Set up by Small Industries Development Bank of India (SIDBI) to boost the starts-up Fund-of-funds ecosystem in the country.
- IAF is a Fund-of-fund managed by Small Industries development Bank of India (SIDBI) which is India’s Principal Financial Institution for the promotion, financing and development of the Micro, Small and Medium Enterprises (MSME) sector.
- The India Aspiration Fund is intended to play a vital role in this financial ecosystem.
- The Fund is expected to catalyze tens of thousands of crore of equity investment in start-ups and MSMEs, creating employment for lakhs of persons, mostly educated youth over the next 4-5 years.
- LIC has also agreed to be a partner and co investor in the India Aspriation Fund.
- SIDBI Make in India Loan for Small Enterprises (SMILE) Scheme of Rs. 10,000 crore.- to catalyse investment under “Make in India” campaign for MSMEs
Need for new funds
- Nearly 90 per cent of the venture capital in Indian startups is coming from overseas.
- The govt is trying to create a domestic VC industry and the Rs.2,000 crore allotted from this fund would enable seed funding for entrepreneurs and innovators
- We need innovations that solve Indian consumers’ problems, with a grassroots-level movement. Foreign venture capital firms tend to have a bias towards replicating business models proven in developed countries,
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