Start Up India: PM Modi announces Rs 10,000 crore dedicated fund for start-ups
NEW DELHI: Prime Minister Narendra Modi will launch ‘Start-up India’ movement on Saturday at Vigyan Bhawan in New Delhi with an agenda to foster growth for entrepreneurship in India.
The first session kick started Startup India at 9:30 am with the topic ’21st Century Calling: Why is innovation important for India?’ which was addressed by Finance Minster Arun Jaitley, Minister of State for Commerce and Industry Nirmala Sitharaman, Onno Ruhl, Country Director, World Bank and Krishnaswamy Vijay Raghavan, Secretary, Biotechnology.
A unique Question and Answer (Q&A) session titled ‘Face-to-face with Policy-makers’ was also organized wherein Secretaries of key government Ministries and Departments answered questions on how government will be creating an enabling ecosystem for Start-ups. The objective was to reinforce commitment of the government towards creating an ecosystem that will be conducive for growth of Start-ups.
This session included various government decision makers such as Hasmukh Adhia, Secretary, Revenue, V S Oberoi, Secretary HRD, Tapan Ray, Secretary Corp Affairs, Shaktikanta Das, Secretary, DEA, Ashutosh Sharma, Secretary, Science & Tech, K Shivaji Chairman & MD, SIDBI, J S Deepak, Secretary, Department of Electronics & IT, Anup K Pujari, Secretary, MSME and Prashant Saran, Member, Sebi. The topic of discussion in this session was how the government will create an enabling system for start-ups.
The sessions following that was conducted by various start-ups and experts from India as well as international speaking about the start-up environment in India and the requirements to foster further growth.
The last session was on ‘How to capitalise entrepreneurship’, which was moderated by Minister of State Finance, Jayant Sinha. The panel members included, Sreedhar Prasad, Partner KPMG, sachin Bansal, Founder of Flipkart, Naveen Tewari, Founder of InMobi, Radhika Agarwal, Founder of Shop Clues, Ritesh Agarwal, Founder of OYO Rooms, BJ Arun, CEO of July Systems.
The launch event is aimed at celebrating the entrepreneurship spirit of country’s youth, and was attended by CEOs and founders of top start-ups from across the country and abroad.
The Prime Minister is present at the exhibition along with Commerce Minister, Nirmala Sitharaman and Finance Minister Arun Jaitley to interact with start-up entrepreneurs. He will release the Start-up Action Plan, and address the gathering.
“For biotech: 5 new bio-clusters, 50 incubators and 150 technology transfer offices”, PM Modi said.
PM Modi, said, “An entrepreneur is one who’s idea don’t let him sleep at night. he is adventurous and ready to take risk”.
PM Modi, said, “Startup is not about money. It doesn’t come with plan to earn money. But, it comes when you think to bring change in other people’s lives”.
Prime Minister Narendra Modi, said, “Seeing is believing. Entrepreneurs should tell government, what not to do. When I was listening to Ritesh, OYO Rooms founder, I wondered why a ‘chai wala’ did not think of starting hotel chain”.
Prime Minister Narendra Modi releases the Startup India action plan
Masayoshi Son, Founder of Softbank said, “I have strong feeling, 10-15 years from now, despite shaking situation in China, they will surpass US. And, after 20-25 years, India will become No. 1”.
Sachin Bansal, founder of Flipkart said, “We would love to raise funds from market.
India will be our first choice for listing”.
Ritesh Agarwal Founder, OYO Rooms, said, ” Bubble burst is good for India because it will be a real check for us”.
Sachin Bansal, founder of Flipkart said, “Take step back and look at broader picture. India’s internet technology will boom. India will go through technology transformation. Very early for the ‘bubble’ burst”.
Sachin Bansal, Founder of Flipkart said, “Money follow great businesses. We should find investors who understand businesses to raise fund”.
Nikesh Arora, COO of SoftBank said, “Lessons you learn at large companies are similar to what you learn as start-up. The moment you priortise funding, you lose focus. Focus on problem. Money will follow you”.
Travis Kalanick, Founder of Uber speaking at Start Up India said, “Entrepreneurs need to cross over analytics with creativity to grow their startup.”
Kunal Bahl, CEO of Snapdeal said, “If you believe what you are doing is solving the problem, it is good enough to be pursued. Keep taking feedback. You will find the solution.”
“Women entrepreneurs looking for investment for their start-ups can leverage women funds such as ‘Saha Fund’ for their companies,” Shanti Mohan, Founder, LetsVenture
Nidhi Agarwal Founder, Kaaryah said, “There is a large space for women entrepreneurship and start-ups in India.”
Pranshu Patni, Co-founder, Culture Alley regarding investment for start-ups by women said, ” If they (investors) know that the product is good and that you are committed, people will put in investment.”
She further added women should not undermining other women entrepreneurs. They should fund other women entrepreneurs.
“Competition in start-ups needed to keep you on your toes,” said Kunal Bahl, Founder, Snapdeal
He added, you need to lose at times and competition helps build a better company.
Prime Minister Narendra Modi tweeted that he will join the Start Up India initiative in the evening and said that he was looking forward to interacting with start-up entrepreneurs.
On rescaling from 2014’s announcement of investing $10 billion in ten years, Masayoshi Son said, “If I rescale, I will only scale up. Atleast in the last one year, we have already invested $2 billion, so if I have said $10 billion in ten years, I have already done $2 billion in one year, that’s over pacing. And I think we will accelerate.”
“India can be bigger in momentum than China in the next 10 years. The 21st century belongs to India,” he said
“The government and RBI in the next few months will add to the banks’ ability to lend more. Startup friendly tax measures will be announced in the forthcoming Budget,” Finance Minister, Arun Jaitley.
Masayoshi Son, Founder & CEO of the largest investors in start-ups in India, Softbank said that he sees a lot of new start-ups coming up in India.
When asked about what he sees when funding any start-up he said he looks at the leadership and the commitment and determination to the company.
Finance Minister Arun Jaitley speaking at Start Up India said, “We ostensibly broke away from “license raj” in 1991, conceived with idea that Government will decide which businesses can run.”
He further said that the PM’s own idea was that start ups need to be encouraged. Both the banking system and government will make the resources available.
“Start-Up India will change conventions. Government will merely be a facilitator for start-ups,” said Jaitley.
He added, that they are fully conscious of the adverse situation in which they are struggling to keep respectable growth rates in Indian economy
“World universally recognises us as probably fastest growing amongst the major economies, but then we are not without our own challenges,” he said.
We can take a limited satisfaction, that even in a crisis like situation in the world, we are growing much faster-FM
“Our effort over last few years was to restrict role of States in policy domain”, he said.
He further added, “When PM Modi was voted to power, if I look back at the changes and the direction we have moved in, some of them are extremely significant.”
Nirmala Sitharaman, Minister of State (MoS) for Commerce and Industry said, “We want start-ups to come to India, operate in India and stay in India. We as government have to see how best we can remove the clutter in doing business.”
She said, “Last year there has been a 50% increase in financing for start-ups in india“. There have also been several angel investors that have come forward to fund these start-ups.
She further added that the government is making it also easy for start-ups to exit.
Onno Ruhl, Country Director, World Bank said that India needs to create jobs in big way and innovation is the key. “We will support the government in any way possible. The potential is in the innovators,” said.
Posted by Konima Choudhary
on January 16, 2016. Filed under Nation
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