In a move that would help encourage the growth of entrepreneurship industry in India, the government said that it is taking various steps to help start-ups acquire easy loans and open about 500 incubation centres in the country
In a move that would help encourage the growth of entrepreneurship industry in India, the government said that it is taking various steps to help start-ups acquire easy loans and open about 500 incubation centres in the country.
The incubation centres would focus on micro, small and medium enterprises (MSME) sector companies.
“We have decided to run 500 incubation centres in the country. At present there are only 84 centres. I request the corporate sector to encourage people to open these centres. It will help in providing skills and employment to youth,” MSME minister Kalraj Mishra said at a CII function.
AN incubation centre promotes and gives another edge to creativity of individual innovators and assists them to become technology-based entrepreneurs. Apart from that, an incubation centre also brings together a number of start-ups, with the idea that they can help each other grow, using networking and foraging of linkages with other constituents of the innovation chain.
The government is looking forward to amend public procurement policy to incorporate provisions against PSUs who fail to meet the mandatory least 20 percent procurement by April 2015. Also, it will revise the definition of MSMEs to provide for a high capital funding.
MSME sector contributes to about 8 percent of India’s GDP and accounts for around 40 percent of the total exports and 45 percent of the manufacturing output.
Apart from the decision made by the government, a number of corporate companies have also contributed towards the encouragement of entrepreneurship. Reliance and Microsoft have signed a three-year partnership to help start-ups grow with seed capital, mentorship and technology.