India will host a summit for start-ups from SAARC nations later this year to tap the complementarities that ventures across South Asia may bring to the table, Minister of State for Commerce and Industry Nirmala Sitharaman said on Monday
“I am going to work towards having a SAARC countries’ meet for start-ups,” said Ms. Sitharaman.
“Many things are happening simultaneously. Probably with such an exchange, you will know the wheel need not be reinvented but at the same time, mutually beneficial ideas can be worked out,” she said.
The eight-member South Asian Association for Regional Co-operation (SAARC) could also be a forum that helps build linkages for similar thinking minds and start-ups, Ms.Sitharaman said.
Apart from India, the SAARC includes Afghanistan, Bangladesh, Bhutan, Nepal, Maldives, Pakistan and Sri Lanka.
‘Exchange of ideas’
A similar dialogue is also being organised by the Centre between German and Indian start-ups, Ms.Sitharaman said.
“There will be an exchange of ideas between the two countries’ start-ups, so our entrepreneurs can stay in touch with what’s happening there and if there are some things their government has done, that we could replicate,” the Minister explained.
Fresh steps are on the anvil to help start-ups, including a new credit guarantee fund and extending the exemption from labour law inspections for a period of five years instead of the current benefit of three years, Industrial Policy and Promotion Secretary Ramesh Abhishek said earlier.
Credit guarantee fund
“The Finance Ministry has just last week approved a new Credit Guarantee Fund for start-ups, under which they would be able to get a loan of ₹5 crore each without collateral… We hope to take this up to the Cabinet for approval by the end of July,” Mr. Abhishek said.
While 12 states had advised their labour departments to allow start-ups to submit self-certification for compliance with six major labour laws for a period of three years, the secretary said the Centre now decided to extend this period to five years. Almost 85% of the 1300-odd start-ups that had been recognised for such benefits by the Centre belong to nine States.