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TechnoparkToday.com>> Startup Village, India’s first PPP model technology business incubator, hailed the proposals in the Union Budget to set aside Rs 1,000 crore for setting up a Self Employment and Talent Utilisation (SETU) programme, saying it would give a fillip to incubation of startups, especially in the technology sector.
Startup Village Chairman Sanjay Vijayakumar said financial allocations for SETU and Rs 150 crore for Atal Innovation Mission (AIM) would increase budgetary flow to incubators and seed funds for startups.
Atal Innovation Mission aims to create world class innovation labs, thereby accelerating job creation in the software sector.
“These announcements are significant as availability of funds has been a major stumbling block for early stage startups. It will have a positive impact on fostering a culture of entrepreneurship,” he said.
Mr. Vijayakumar noted that the proposal to introduce a uniform bankruptcy code would encourage more youths to take up entrepreneurship as this policy would create a clear mechanism to address business failures, which is one of the most challenging scenarios that the startups in the IT-internet-telecom sector are facing.
The proposal to incentivise debit/credit card transactions would give a stimulus to the Internet and mobile app-based startups, Startup Village CEO Pranav Kumar Suresh said.
“More importantly, the Startup Village Angel Fund will now be open for global investors with the new changes announced with regard to SEBI-registered angel funds,” he said.
One of the proposals in today’s Budget was to allow foreign investment in alternative investment funds (AIFs), a move that could aid growth of startups which often face hiccups in raising working capital.
Mr Pranav noted that startups with DST and Government of India- approved incubators in the country already enjoying exemption from service tax, the proposal to increase service tax will make the startups in government-approved incubators 14 per cent more competitive than other companies.
