The government of India plans an electronics development fund worth 10,000 crore, to support ambitious start-ups in achieving success.
Seems that the procedure of growth of global giants from technical start-ups to globally acknowledged tech giants, has caught the attention of Indian government.
The subject has made the government plan an electronics development fund worth 10,000 crore, to support ambitious start-ups in achieving success.
The government feels that it’s high time India starts incubating start-ups from its soil, like they do it in the West. The country has a fast-growing mass of internet users and possesses a rich list of highly skilled programmers.
The foundation of the procedure has already been laid by the government.
The electronic development fund mentioned by the government is excluding the amount announced in Budget 2014-15 for start-ups in micro, small and medium enterprises (MSMEs). However, the government has not planned to make the investment directly. It will rather raise the fund through venture capitals that are focused on the electronics hardware and IT start-ups.
The government while announcing the news, also admitted that Indian has missed out a lot in terms of creating technology giants, both is software and electronics hardware sector.
Domestic and foreign venture capital funds will be targeted by the government to route its investments.
“Innovations are not happening in our country, products are not being made in our country. We are, at best, a labour market. Our highly qualified boys and girls are doing research in Bangalore and other labs, but they are essentially creating intellectual property products for foreign companies. Why can’t we have our own products where we have our own intellectual property rights,” said a government official in the Ministry of Information Technology.