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[July 12, 2014]
Startup boost bodes well for Bangalore [DNA : Daily News & Analysis (India)]
(DNA : Daily News & Analysis (India) Via Acquire Media NewsEdge) "Bangalore: Entrepreneurship is no longer a buzzword in Bangalore, if the Finance Minister's budget is anything to go by. For what is touted as a first, the new government has not just allocated funds for boosting startups, but has also recognised it as a chief driver of economic growth and job creation.
Prominent amongst the initiatives to boost startups is the Rs10,000 crore fund to provide equity and soft loans for startups, and the special focus to ramp up software startups with an allocation of Rs500 crore. The FM has also proposed setting up of a nationwide incubation and acceleration infrastructure for startups.
And Bangalore, which is considered the hub of startups in India, with almost 400-500 startups coming up every year, seemed to be overjoyed with the budget.
Ravi Gururaj, chair-product council &member, Executive Council, Nasscom, said that it is good when the government recognises startups and entrepreneurship as a growth and innovation engine.
"The Rs10,000 crore fund for promoting startups is big. But even bigger is the recognition by the government to the sector. Also the special focus to support software products startups is another key aspect, since there are a lot of product startups in Bangalore and Karnataka," said Gururaj.
Agrees Shashi Kiran, co-founder, Construkt, an organisation that promotes startups, Kiran says that the Rs10,000 crore budget fund would encourage to blend the skills and innovative ideas and give the best to the industry, which in turn will help the overall growth of the economy.
TR Subramanian from SLN Technologies feels, The district level thrust on incubation will help entrepreneurship in rural areas. At a macro level, the talk on better business and infrastructure will help all companies," said Gururaj." Credit:dna correspondent (c) 2014 @ 2014 DILIGENT MEDIA CORPORATION LTD. ALL RIGHTS RESERVED
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