Govt proposes setting up a tech startups incubation program – Budget 2015

Finance Minister Arun Jaitley proposed the setting up of a "techno-money related incubation and help program" called the Self Employment and Talent Utilization (SETU), amid his financial plan presentation today. He specified that Rs 1000 crore will be at first put aside for this. From the monetary allowance discourse:

"The legislature is making a mechanism known as Self Employment and Talent Utilization (SETU) to be techno-money related incubation and help program to help all parts of new company and other self employment exercises especially in the innovation driven ranges. I am setting aside Rs 1,000 crore at first for this reason."

The goal for this he said was to address "concerns, for example, more liberal arrangement of raising global capital, incubation offices in our focuses of incredibleness, funding for seed capital and the simplicity of working together need to be addressed to make a lakh occupations and many billions of dollars in quality."

He additionally proposed an introductory entirety of 150 center to make a world class IT hub "to exploit our intensity". The Minister additionally reported that income taxes on Technical Services would be lessened from 25% to 10% with the point of empowering tech startups.

Perusers will recall that amid a year ago's financial plan presentation the Minister had proposed an across the country "Area level Incubation and Accelerator Program" for incubation of new ideas and giving fundamental backing to quicken entrepreneurship. He had likewise proposed a Rs 200 crore fund to secure an innovation focus system to advance innovation, entrepreneurship and the agro-business. These two ideas appear to have been clubbed together to setup the proposed startup incubation program.

It's additionally important that the Minister had proposed to build a Rs 10,000 crore fund to pull in private capital by giving value, semi value, delicate loans and other danger capital for startups. On the other hand, there was notice of this startup fund in today's discourse. Truth be told, there was a critical focus on startups in a year ago's financial plan discourse, including proposition for a Startup Village Entrepreneurship program to urge rural youth to take up neighborhood entrepreneurship programs, and a beginning total of ₹100 crore had been accommodated it. No notice of it not long from now.