Govt creates initial corpus of Rs 10,000 cr fund for early-stage funding requirement of startups

New Delhi, Dec 9 (KNN)  Union Commerce and Industry Minister Piyush Goyal said on Monday that Government is constantly providing inputs & impetus to the Startup ecosystem to help them expand their base while addressing the ICAI's Startup Manthan 2.0. He said that the Government has introduced several benefits to encourage and boost startups.

Talking about the support to startups, the minister said that this includes tax benefits. “Government has created a fund of funds for Startups with an initial corpus of ₹10,000 crores for funding promising Startups in their early-stage funding requirement. The Government e-Marketplace provides an equitable opportunity to Startups to offer their services and products to all Govt enterprises across the country”, he added.

The minister said that today, India is set on the path of becoming self-reliant & startups are leading the way. “We are at the critical juncture of human history where our actions shall directly impact billions of people. Our entrepreneurs can create a golden era where our startups with their commitment, vigour & perseverance make India a leader across all sectors. As the Startups work hard, we will support them in their endeavour”, the minister said.

He said that Creativity, Innovation, Invention and Development is the foundation & mandate of New India. “In this new normal we need long term sustainable solutions to become self-reliant. We had launched Startup India initiative in 2016 to create an ecosystem of innovation, invention & enterprise. India now houses the 3rd largest startup ecosystem in the world.”

The Minister expressed confidence that Chartered Accountants (CAs) under the leadership of Prime Minister Narendra Modi will help bring about spirit of entrepreneurship, even in our remote villages & towns.

He said that Chartered Accountants working in partnership with the Government can ensure great successes for the people of India and the country in the years to come. “Our Chartered Accountants have that competitive edge when it comes to serving the startup ecosystem”.

The Minister mentioned that the Prime Minister has said, "Startups are the engines of exponential growth, manifesting the power of innovation." He expressed confidence that Chartered Accountants are going to be startup entrepreneurs & also going to be service provider to new startups.

He urged CAs to help farmers in the whole country understand the great benefits that the Government is trying to provide them throughout the entire length & breadth of the country. He said “We are opening new doors of opportunities for them by providing them with more options. This effort to open opportunities to farmers is a huge reform which, in the long run, will help our farmers exponentially increase their income, have better cropping patterns & engage with technology.”

“He is confident, going forward, as more and more people understand & appreciate the good work that these changes are seeking to do, we will see huge improvements in the life & prosperity of our farmer brothers & sisters”, he added.

The minister congratulated ICAI institute for issuing the MSME Business Continuity Checklist. He said that it is another wonderful initiative by the institute which will help handhold the MSME sector. He said that this platform provided by the institute to all the budding entrepreneurs, thinkers and businesses to share & collaborate, will empower them with ideas for innovation & business development.