wordpress blog stats
Connect with us

Hi, what are you looking for?

Govt proposes setting up a tech startups incubation program – Budget 2015

arun-jaitley-budget

Finance Minister Arun Jaitley proposed the setting up of a “techno-financial incubation and facilitation program” called the Self Employment and Talent Utilisation (SETU), during his budget presentation today. He mentioned that Rs 1000 crore will be initially set aside for this. From the budget speech:

“The government is creating a mechanism known as Self Employment and Talent Utilisation (SETU) to be techno-financial incubation and facilitation program to support all aspects of start up business and other self employment activities particularly in the technology driven areas. I am setting aside Rs 1,000 crore initially for this purpose.”

The objective for this he said was to address “concerns such as more liberal system of raising global capital, incubation facilities in our centres of excellence, funding for seed capital and the ease of doing business need to be addressed to create a lakh jobs and hundreds of billions of dollars in value.”

He also proposed an initial sum of 150 core to create a world class IT hub “to take advantage of our competitiveness”. The Minister also announced that income taxes on Technical Services would be reduced from 25% to 10% with the aim of encouraging tech startups.

Readers will remember that during last year’s budget presentation the Minister had proposed a nationwide “District level Incubation and Accelerator Program” for incubation of new ideas and providing necessary support to accelerate entrepreneurship. He had also proposed a Rs 200 crore fund to establish a technology centre network to promote innovation, entrepreneurship and the agro-industry. These two ideas seem to have been clubbed together to setup the proposed startup incubation program.

Advertisement. Scroll to continue reading.

It’s also worth noting that the Minister had proposed to establish a Rs 10,000 crore fund to attract private capital by providing equity, quasi equity, soft loans and other risk capital for startups. However, there was mention of this startup fund in today’s speech. In fact, there was a significant focus on startups in last year’s budget speech, including proposal for a Startup Village Entrepreneurship program to encourage rural youth to take up local entrepreneurship programs, and an initial sum of ₹100 crore had been provided for it. No mention of it this year.

Also Read

Budget 2015-16 Live: GST from April 1 2016, Startup Incubation Program, Cashless Transactions

Budget 2014: Rs 10,000 Cr Startup fund, Rural entrepreneurship, Bankruptcy framework & more

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

News

Existing consumer protection regulations are not sufficient to cover the extent of protection that a crypto-investor would require.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ